Which of the Following Is True Regarding Tony's Suggestion That

question 26

Multiple Choice

Which of the following is true regarding Tony's suggestion that dissolution be implemented quickly in order to avoid claims by creditors?

• A)Whether or not his suggestion will help depends on the corporation's articles of incorporation which set forth the time period during which creditors may file claims following dissolution.
• B)His suggestion was a good one only for debts outstanding for over 1 year;otherwise,the creditors have at least six months following dissolution in which to make claims.
• C)His suggestion was a good one because in that way,the claims could likely be avoided.
• D)His suggestion would not avoid claims because the law requires that creditors be allowed at least 120 days after dissolution in order to make a claim.
• E)Whether or not his suggestion will help depends on the corporation's bylaws which set forth the time period during which creditors may file claims following dissolution.

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