Where a Formal Proposal Made by a Debtor Is Rejected

question 45

True/False

Where a formal proposal made by a debtor is rejected by his or her unsecured creditors,the debtor is deemed to have made an assignment in bankruptcy.

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Definitions:

Collude

To cooperate with others secretly or unlawfully to deceive or gain an unfair advantage, often in a way that is deceitful or fraudulent.

Cartels

Organizations or associations formed by businesses in the same industry to regulate production, fix prices, or otherwise control and limit competition.

OPEC

The Organization of Petroleum Exporting Countries, an intergovernmental organization focused on coordinating and unifying petroleum policies among its member countries to secure fair and stable prices for petroleum producers.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often to maximize their collective profits.