Which One of the Following Statements About Bankruptcy Is False

question 118

Multiple Choice

Which one of the following statements about bankruptcy is false?

• A) Bankruptcy law is identical in every province.
• B) "Bankruptcy" refers to a situation in which a debtor who cannot pay debts transfers his assets to a trustee who acts on behalf of creditors
• C) Bankruptcy law may allow a debtor to escape from having to pay his debts.
• D) All creditors of a bankrupt debtor are treated equally and will receive shares of the assets directly in proportion to how much is owed to each of them.
• E) A debtor who has been discharged from bankruptcy is released from his previous financial obligations.

---

Definitions:

Female Board Directors

Refers to women serving on the boards of directors in various organizations, aiming to enhance diversity and decision-making processes.

Corporate Officers

High-ranking executives appointed or elected to manage an organization's affairs and make significant business decisions.

Financially Outperform

The act of achieving superior financial results or returns compared to a specific benchmark or peer group.

Sexual Orientation

A person's emotional, romantic, or sexual attraction to others, characterized by different identities such as heterosexual, homosexual, bisexual, etc.