In a bankruptcy, the assets and contracts of a bankrupt person or business will be assigned to:
A) the party to the contract.
B) the court.
C) the trustee.
D) the creditors.

Question

Quizplus · Accepted Answer

In a bankruptcy, the assets and contracts of the bankrupt entity are assigned to the trustee. The trustee is responsible for managing these assets, including their sale or distribution, to pay off creditors according to the priorities established by bankruptcy law.

In a Bankruptcy, the Assets and Contracts of a Bankrupt