Under the Bankruptcy and Insolvency Act, the Methods for Dealing

question 14

Multiple Choice

Under the Bankruptcy and Insolvency Act, the methods for dealing with a debtor's affairs are

• A)assignment into bankruptcy, an application for a bankruptcy order by creditors, and liquidation.
• B)assignment into bankruptcy, an application for a bankruptcy order by creditors, and discharge.
• C)assignment into bankruptcy, liquidation, and discharge.
• D)an application for a bankruptcy order by creditors, liquidation, and discharge.
• E)an application for a bankruptcy order by creditors, a proposal, and assignment into bankruptcy.

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Definitions:

Sanction

Sanction is an action taken by a country or international body to enforce compliance with laws or regulations, often involving trade restrictions or the imposition of penalties.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s.

John Maynard Keynes

A British economist whose theories on the causes of prolonged unemployment and recommendations for government intervention in economies to stimulate demand and avoid economic depressions have had a profound influence on modern economic and political theory.

Civil Penalty

A fine or monetary punishment levied by a government agency as a consequence of violating laws or regulations, not involving criminal prosecution.