If a Partnership Is a Debtor Under the Bankruptcy Code

question 38

True/False

If a partnership is a debtor under the Bankruptcy Code and partnership property is insufficient to pay all the claims against the partnership,the trustee in bankruptcy must first seek recovery of the deficiency from the estates of the bankrupt partners,and then may seek recovery from general partners who are not bankrupt.

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Definitions:

P(A ∪ B)

The probability that at least one of two events, A or B, will occur.

P(A ∩ B)

The probability that events A and B both occur simultaneously.

Sample Points

Sample points are individual elements or outcomes within a sample space, representing all possible outcomes of a statistical experiment.

Department Store

A large store selling a wide variety of goods divided into departments.