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The Law and Business Administration Study Set 2

Business

Quiz 31 :

Creditors Rights

Quiz 31 :

Creditors Rights

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You are a duly licensed and appointed trustee to handle the Markin Brothers bankruptcy. You have taken possession of both personal and business assets of Sam and Joe Markin. You have retrieved all the books and documents relating to their affairs. You also have the authority to do each of the following EXCEPT
Free
Multiple Choice
Answer:

Answer:

B

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In the context of bankruptcy proceedings, liquidating dividends are
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Answer:

A

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Which of the following statements is true in respect of builders' lien legislation?
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Answer:

D

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The federal Bankruptcy and Insolvency Act is not intended to
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An insolvent person may voluntarily declare himself bankrupt by
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James had made a consumer proposal (Division II) to his creditors. He wanted a reduction and extension of time for the payment of his debts. A formal meeting was not requested by any of the creditors. Now the administrator must
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In a bankruptcy proceeding, the creditors can, if they wish, appoint
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In bankruptcy proceedings, the term "settlements" refers to
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Under consumer legislation, a consumer who receives unsolicited goods:
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Regarding bankruptcy, public policy would be primarily concerned with
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The Steamboat Co. is Charlie's sole creditor. He owes them $6500 from his sign painting business. In order to obtain a receiving order, Steamboat must
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To obtain a receiving order, creditors must prove the debtor has committed an act of bankruptcy. Which of the following is NOT such an act?
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Laura had made a commercial proposal (Division I) to her creditors. They have accepted it by a two- thirds vote. The next step is for the trustee to
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Jumping Jellyfish Corporation is a Canadian business that is indebted to a number of persons and entities. On January 2, 2003, the accountant of Jumping Jellyfish examines the books and makes the determination that the current debts of the corporation total $2 million, and the assets and cash total only $200,000. The accountant concludes that the corporation will be unable to pay its debts as they become due. The corporation is
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Mike's business is not doing too well and he is contemplating bankruptcy unless things change soon. As he currently deals with his creditors, the guiding principle should be that
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A commercial proposal made by an insolvent person is an offer made by the debtor to his creditors
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The power of the federal government over trade and commerce enables the federal government power to regulate:
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The Superintendent of Bankruptcy has the power to
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Danny is thinking of bankruptcy for his business but so far has not made an assignment nor is the business subject to a receiving order. Yet, because Danny meets all the requirements of bankruptcy, the Bankruptcy and Insolvency Act refers to Daniel as
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Under the Bankruptcy and Insolvency Act, the claims of unpaid employees against the assets of a bankrupt employer rank in priority:
Multiple Choice
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