Which of the Following Statements Is TRUE with Respect to the Relationship

question 57

Multiple Choice

Which of the following statements is TRUE with respect to the relationship between bankruptcy and insolvency?

• A) Bankruptcy begins with a bankruptcy order, whereas insolvency begins with a receiving order.
• B) A person can be bankrupt without being insolvent.
• C) While an individual can be either bankrupt or insolvent, a corporation can be bankrupt but never insolvent.
• D) An act of insolvency automatically triggers bankruptcy.
• E) Before a person can be put into bankruptcy involuntarily, a court must find that they have committed an act of bankruptcy, which includes being insolvent.

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Definitions:

Human Health

The overall state of physical, mental, and social well-being in individuals.

Biologically Extinct

A status indicating that a species no longer exists anywhere on Earth, surpassing the point of conservation or recovery.

Species At Risk Act

Canadian legislation aimed at protecting endangered or threatened species and their habitats from further harm.

Legal Protection

Measures and policies implemented through the legal system to safeguard interests, rights, or properties, including environmental conservation, intellectual property, and human rights.