Use the Fact Situation in Q2 to Answer the Related

question 46

Multiple Choice

Use the fact situation in Q2 to answer the related question that follows. Assume that by March 2009,the company's business was starting to recover,but the company was still insolvent.In this case,instead of voluntarily assigning itself into bankruptcy,General Widgets could have

• A)made a commercial proposal.
• B)commenced winding-up proceedings.
• C)made a consumer proposal.
• D)obtained a receiving order.
• E)all of the above

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Definitions:

Self-Determination

The process by which individuals control their own lives and make their own choices.

Control

The power to influence or direct behavior and the course of events in a business or organization.

Incredible Tenacity

Exceptional determination and persistence in facing obstacles or pursuing goals.

Small Business Owner

An individual who owns and operates a business entity which is usually defined by a lower number of employees or lower revenue compared to regular-sized corporations or businesses.