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Canadian Business and the Law Study Set 3

Business

Quiz 27 :

Bankruptcy and Insolvency

Quiz 27 :

Bankruptcy and Insolvency

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What is the result if a Division I proposal is rejected?
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Multiple Choice
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Answer:

A

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What is the name for the process whereby a debtor voluntarily enters bankruptcy?
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Multiple Choice
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Answer:

D

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What is a requirement in order to satisfy the definition of 'insolvent' for the purposes of the Bankruptcy and Insolvency Act?
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Multiple Choice
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Answer:

D

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What is usually the first step for a business that is unable to cope with its financial obligations?
Multiple Choice
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Which of the following would most likely influence the creditor's decision with regard to its options relating to the deteriorating financial health of a business debtor?
Multiple Choice
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What is the legal name given to contractual arrangements between a debtor and its creditors for payment of debts that will allow a financially distressed business to continue operating?
Multiple Choice
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What must be acquired in order for a business to continue to function after its insolvency proposal has been approved by its creditors?
Multiple Choice
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How are secured creditors impacted by the filing of a proposal?
Multiple Choice
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What is the legal effect if the creditors reject the debtor's Division I proposal?
Multiple Choice
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In which of the following situations would a debtor be considered "insolvent," as that term is applied in the Bankruptcy and Insolvency Act.
Multiple Choice
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What is a debtor's recourse in the all too common circumstances where the debtor's lack of financial resources renders it unable to retain the services of a trustee in bankruptcy?
Multiple Choice
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What is the name given to parties who are independent of each other and not related?
Multiple Choice
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How do creditors provide formal notice to the trustee in bankruptcy of the amount owed and nature of their debt?
Multiple Choice
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Why was the body of law specifically governing insolvency created?
Multiple Choice
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What is the legal term given to the financing provided during reorganization pursuant to the Companies' Creditors Arrangement Act (CCAA)?
Multiple Choice
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Which of the following is a distinguishing feature of a Division II Proposal?
Multiple Choice
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Which of the following best describes the purpose of bankruptcy and insolvency law?
Multiple Choice
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What legislation allows a debtor to seek remedies in order to bring closure to its obligations when a creditor has indicated that the debt is unworthy of the time it would take to collect?
Multiple Choice
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How are details of a bankruptcy provided to the bankrupt's creditors?
Multiple Choice
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What is meant by a debtor's assignment in bankruptcy?
Multiple Choice
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