Which of the Following Statements Is FALSE

question 46

Multiple Choice

Which of the following statements is FALSE?

• A)The creditors must vote to accept the Chapter 11 reorganization plan,and the bankruptcy court must approve it.If an acceptable plan is not put forth,the court may ultimately force a Chapter 7 liquidation of the firm.
• B)In Chapter 13 liquidation,a trustee is appointed to oversee the liquidation of the firm's assets through an auction.The proceeds from the liquidation are used to pay the firm's creditors,and the firm ceases to exist.
• C)When a corporation becomes financially distressed,outside professionals,such as legal and accounting experts,consultants,appraisers,auctioneers,and others with experience selling distressed assets,are generally hired.
• D)In the case of Chapter 11 reorganization,creditors must often wait several years for a reorganization plan to be approved and to receive payment.

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Definitions:

Organizational Culture

The shared values, beliefs, and practices that characterize an organization and influence its members' behavior.

Embraces Diversity

The practice of acknowledging, valuing, and leveraging differences in the workforce to create an inclusive and innovative organizational culture.

Leadership

The ability to guide, inspire, and influence others to achieve a common goal, often involving vision, communication, and decision-making skills.

Business Strategy

A plan of action designed to achieve a long-term or overall aim within the competitive setting of a business.