Peter's Tools recently defaulted on a bank loan.To avoid a bankruptcy proceeding, the bank agreed to a composition.This composition would do which one of the following?
A) Forgive the loan payment in its entirety
B) Extend the due date on the missed loan payment
C) Reduce the amount of the loan payments so Peter's can pay on time
D) Transfer some of Peter's assets to the bank in lieu of the loan payment
E) Transfer all the equity shares in Peter's to the lending bank
Correct Answer:
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