A Company May Be Considered Insolvent Under the Code Only

question 68

True/False

A company may be considered insolvent under the Code only if it is unable to pay its debts as they are due.

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Definitions:

Illegal Strike

A work stoppage by a group of workers that is not authorized by the relevant labor laws or violates a binding labor agreement.

Union Shop

A workplace where employees are not required to join the union in order to be hired, but must join within a certain period of being employed and remain members as a condition of employment.

Closed Shop

A workplace where only workers who are already members of the union can be hired.

Agency Shop

A workplace where employees are not required to join the union, but must pay union dues as the union negotiates on behalf of all employees.