Joel's Business, Which Makes Customized Widgets, Was Clearly in Financial

question 74

Multiple Choice

Joel's business, which makes customized widgets, was clearly in financial trouble in May.The situation grew worse during the summer months.In September, Joel transferred the title to his yacht to his wife for $250 000.The property's market value was $500 000.A short time later, Joel filed for bankruptcy.The transfer of the yacht can be challenged by Joel's creditors

• A)as a result of being a prescriptive transfer.
• B)only if Joel filed for bankruptcy within one month of the transfer.
• C)as a void preference if Joel was indebted to his wife, if the transfer occurred within three months of his bankruptcy, and if he intended to ensure that the property went to his wife rather than his other creditors.
• D)as a fraudulent conveyance, but only if Joel was insolvent at the time of the transfer.
• E)but only by using provincial legislation.

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Definitions:

Foreign Exchange Market

A global marketplace for trading currencies, determining the exchange rate between them.

US Dollars

The official currency of the United States, widely used in international transactions.

International Bond

Any bond sold outside the country of the borrower. There are two types of international bonds: Eurobonds and foreign bonds.

Eurobonds

International bonds that are denominated in a currency not native to the country where it is issued, allowing investors and issuers to access global capital markets.