1. Bankruptcy Insolvency means:
a Book value of assets is greater than liabilities
b Fair value of assets is less than liabilities
c Inability to meet financial obligations as they come due
d Liabilities are greater than book value of assets
2. Aside from liability discharge provided for in the reorganization plan, the discharge of a debtor corporation’s liabilities occurs when:
a The plan is accepted by a majority of unsecured creditors
b Each class of claims has accepted the plan or is not impaired under it
c Each holder of a claim has accepted the plan or will receive at least as much as if the company were liquidated
d The court confirms that the plan is fair and equitable
3. A trustee’s election in a Chapter 7 case requires:
a Approval by a majority of creditors
b Approval by a majority of claims represented
c Approval by a majority in dollar amount of voting creditors, and at least 20 percent of claims must vote
d Approval of two-thirds in dollar amount and a majority of holders of all claims
4. A corporation may not be a debtor in possession if:
a The case is initiated in a voluntary filing
b The case is initiated in an involuntary filing
c Loans other than for goods and services exceed $5,000,000
d The court concludes that appointment of a trustee is in the best interests of creditors
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