Bankruptcy and insolvency

What was the name of the first statute under English law dealing with bankruptcy or insolvency?

• The Bankruptcy Act

• The Statute of Bankrupts

• The Bankrupts England Act

​ ​ ​ ​ ​ ... is a financial state.

• Insolvency

• Bankruptcy

​ ... is a legal declaration and process.

• Bankruptcy

• Insolvency

What assets are needed when a cash flow insolvency occurs?

• Liquid assets

• Illiquid assets

• Total assets

Balance sheet insolvency is when:

• liquid assets < liabilities

• illiquid assets < liabilities

• total assets < liabilities

In the last quarter of 2022, the number of declarations of bankruptcies increased or decreased in all sectors?

• increased

• decreased

The most well-known consequence of bankruptcy is the loss of property.

• True

• False

What is the largest bankruptcy in financial history?

• Bankruptcy of General Motors

• Bankruptcy of Lehman Brothers

• Bankruptcy of WorldCom

When do we talk about the bankruptcy of a state?

• When a country is unable to pay its international financial obligations on time.

• When a country is unable to pay its national financial obligations on time.

What country is the most likely to default on its debt obligation?

• El Salvador

• Ghana

• Tunisia

• Sri Lanka