The CCAA (Companies' Creditors Arrangement Act)is Used

question 33

Multiple Choice

The CCAA (Companies' Creditors Arrangement Act) is used

• A)by any corporation that wants to avoid bankruptcy
• B)by any corporation that owes at least $500,000 and wants to avoid bankruptcy
• C)by any corporation that owes at least $5 million and wants to avoid bankruptcy
• D)by any public corporation that wants to avoid bankruptcy
• E)by any corporation if its creditors are trying to force it into bankruptcy

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Definitions:

Full Force And Effect

A legal term indicating that all terms of a contract or law are currently active and enforceable.

Financing

The act of providing funds for business activities, making purchases, or investing.

Discharged By Frustration

A contract termination because an unforeseen event makes contractual obligations impossible to perform or drastically changes the party's principal purpose for entering into the contract.

Anticipatory Breach

An indication that one party intends not to fulfil their contractual obligations before the time of performance is due.