With Few Exceptions, Once a Bankrupt Is Discharged, There Is

question 94

True/False

With few exceptions, once a bankrupt is discharged, there is no longer an obligation to pay back the unsecured creditors.

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Definitions:

Shareholder Approval

The consent given by shareholders, usually through a voting process, for certain decisions or actions proposed by a company's management or board.

Consolidation

The process of combining two or more entities into one, often to streamline operations and reduce costs.

Absorbed Corporation

A company that has been merged into another entity, losing its previous separate identity.

Merger

The combination of two or more companies into a single entity, where one survives and the others cease to exist.