The Debtor- Creditor Relationship Is Addressed by Both the Bankruptcy

question 63

Multiple Choice

The debtor- creditor relationship is addressed by both the Bankruptcy and Insolvency Act and various other statutes. Which of the following statements is TRUE?

• A) As a general rule, a judge is entitled to resolve a conflict between the Bankruptcy and Insolvency Act and another statute dealing with the debtor- creditor relationship by asking which piece of legislation provides the fairer result in the circumstances.
• B) As a result of sections 91 and 92 of the Constitution, all of those statutes are enacted by the federal government.
• C) All of those statutes establish various class action procedures that allow for the resolution of all of the debtor's financial difficulties at one time.
• D) The federal Bankruptcy and Insolvency Act is the most important statute dealing with the debtor- creditor relationship and applies to all Canadian businesses.
• E) The Companies Creditor's Arrangement Act provides an alternative to bankruptcy for all business debtors.

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Definitions:

Toolmaker

An individual or entity that designs and manufactures tools, often with precision, for various purposes including construction, manufacturing, and technology.

Fossil Record

The collection of all known fossils and their placement in rock formations and sedimentary layers, which provides evidence about the history of life on Earth.

Homo Habilis

An extinct species of early human that lived approximately 2.4 to 1.4 million years ago, known for its use of simple stone tools.

Homo Erectus

An extinct species of hominid that lived throughout most of the Pleistocene geological epoch, known for being one of the first early humans to have a stature similar to that of modern humans and to use fire.