Tae Is Insolvent

question 73

Multiple Choice

Tae is insolvent.He has selected an Official Receiver to aide him in his bankruptcy proceedings.Tae tells the Official Receiver he wants to file a proposal.Which of the following is most likely to be TRUE?

• A)Any one of his creditors can still apply for a bankruptcy order.
• B)Only secured creditors can apply for a bankruptcy order.
• C)Tae may include a composition, giving him more time to resolve his debts.
• D)If Tae includes a scheme of arrangement, he must inform his creditors of all actions performed with his assets.
• E)Tae may include a liquidation proposal, which is a similar process to bankruptcy, but with more control for the Tae.

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Definitions:

Logical-Mathematical

Referring to a type of intelligence that involves the ability to analyze problems logically, carry out mathematical operations, and investigate issues scientifically.

Cognitive Style

A habitual and/or preferred means of approaching cognitive tasks.

Field Independence

A cognitive style characterized by the ability to maintain orientation or focus on details in the presence of distracting background information.

Field Dependence

A cognitive style characterized by reliance on external frames of reference for orientation and problem-solving.