Chapter 7 of the Bankruptcy Act Is Designed to Do

question 1

Multiple Choice

Chapter 7 of the Bankruptcy Act is designed to do all of the following EXCEPT:

• A)Provides safeguards against the withdrawal of assets by the owners of the bankrupt firm.
• B)Allows insolvent debtors to discharge all of their obligations and to start over unhampered by a burden of prior debt.
• C)Provides for an equitable distribution of the assets among the creditors.
• D)Details the procedures to be followed when a firm is liquidated.
• E)Establishes the rules of reorganization for firms with projected cash flows that eventually will be sufficient to meet debt payments.

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