Which Type of Bankruptcy Involves a Business Liquidating Their Assets

question 27

Multiple Choice

Which type of bankruptcy involves a business liquidating their assets?

• A) Chapter 7
• B) Chapter 11
• C) Chapter 13
• D) Chapter 9

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Definitions:

Ultra Vires Act

An action or conduct that goes beyond the powers or authority granted by law or under a company's constitution or articles.

Express Powers

Specific rights and powers explicitly given to an entity or governing body through a legal document or statute.

Express Powers

Specific authorities explicitly granted to an entity or official in a legal document or statute.

Articles Of Incorporation

Legal documents filed with a governmental body to legally document the creation of a corporation.