
Chapter 11 Bankruptcy Process
Interactive Video
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Business, Social Studies
•
University
•
Practice Problem
•
Hard
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5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the debtor in possession in a Chapter 11 bankruptcy?
To liquidate all assets immediately
To act as a trustee and manage the estate's assets
To appoint a new trustee
To sell the business
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the proof of claims process, who is responsible for accounting for the creditors of the estate?
An appointed trustee
The bankruptcy court
The creditors themselves
The debtor in possession
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What might creditors do if they are concerned about the debtor in possession's management of the estate?
Immediately liquidate the estate
Form a creditors' committee
Ignore the situation
Appoint a new debtor in possession
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must a reorganization plan include to be approved by the court?
Payment to all creditors in full
Approval from all unsecured creditors
Feasibility and approval from the court
Immediate discharge of the debtor
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens once the terms of the reorganization plan are completed?
The debtor is discharged and emerges anew
The debtor is liquidated
The creditors take over the business
The court re-evaluates the plan
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