Examlex
Which of the following is not correct?
Bankruptcy Reform Act
Refers to legislation enacted to reform the bankruptcy law, such as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which introduced significant changes to filing requirements and procedures.
Chapter 7
A section of bankruptcy law under which a debtor's assets are liquidated (sold off) to pay creditors.
Bankruptcy Reorganization
A process under bankruptcy law that allows a company to rearrange its financial affairs under court supervision while continuing its operations.
Retained Earnings
The portion of a company's profits that is kept or retained rather than distributed to shareholders or used for dividend payments.
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