Safety regulations are superior when an Injurer can escape paying damages by filing bankruptcy. True False
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- A person who filed for bankruptcy and was discharged cannot be held criminally liable if later found to have failed to disclose assets. True FalseDefine automatic stay (in bankruptcy)Which one of the following is a direct bankruptcy cost? A.Loss of customer goodwill resulting from a bankruptcy filing B.Legal and accounting fees related to a bankruptcy proceeding C,Any financial distress cost D.Management time spent on a bankruptcy proceeding
- Define bankruptcy costs1. How bankruptcy can be initiated and what are the available alternatives to it?Which of the following is not an expected function of a bankruptcy trustee?a. Filing a plan of reorganization.b. Recovering all property belonging to a company.c. Liquidating noncash assets.d. Distributing assets to the proper claimants.
- When a defendant debtor in a lawsuit is said to be “judgement proof” it signifies Multiple Choice The debtor has no assets which are collectable. The creditor has no assets to pursue judicial actions. The creditor committed fraud in the judicial process and therefore will not be successful. Clearly the defendant is not at fault for the debt. A petition for bankruptcy that is filed by creditors against a debtor is known as Multiple Choice a recovery action. a voluntary bankruptcy. an involuntary bankruptcy. an order for relief. A trust is a __________-party fiduciary relationship. Multiple Choice eleven three two sixChoose the correct. What is a cram down?a. An agreement about the total amount of money to be reserved to pay creditors who have priority.b. The bankruptcy court’s confirmation of a reorganization even though a class of creditors or stock-holders did not accept it.c. The filing of an involuntary bankruptcy petition, especially by the holders of partially secured debts.d. The court’s decision as to whether a particular creditor has priority.What is a cram down?a. An agreement about the total amount of money to be reserved to pay creditors who have priority.b. The bankruptcy court’s confirmation of a reorganization even though a class of creditors or stockholders did not accept it.c. The filing of an involuntary bankruptcy petition, especially by the holders of partially secured debts.d. The court’s decision as to whether a particular creditor has priority.
