Building Construction Inc

question 21

Multiple Choice

Building Construction Inc. wants to agree with its creditors on a plan under which it pays a portion of its debt and is discharged of the rest. To accomplish this goal, the corporation should file a petition in bankruptcy under Chapter 11 for relief through

• A) a liquidation.
• B) a reorganization.
• C) a repayment plan.
• D) an adjustment plan.

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Definitions:

Valid Obligation

A duty or commitment that is legally binding and enforceable by law.

Capital Investment

Funds spent by a company to acquire or upgrade physical assets, such as property, industrial buildings, or equipment, to improve its business capacity or efficiency.

Partnership Creditors

Individuals or entities to whom a partnership owes money or has some form of legal financial obligation.

Pro Rata

In proportion; according to the calculated share or division.