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Viewing:

Accounting 2B - Unit 8 (4-6)

front 1

the corporation which files for bankruptcy is considered a

back 1

debtor

front 2

a legal process of reorganizing or eliminating debt

back 2

bankruptcy

front 3

occurs when a corporation decides to cease operations

back 3

Chapter 7 bankruptcy

front 4

a creditor's acknowledgement of debt

back 4

claim

front 5

the sale of the debtor's property to satisfy claims

back 5

liquidation

front 6

overseer of the bankruptcy case and arranges the liquidation of assets

back 6

trustee

front 7

What prohibits a creditor from proceeding with collection activity?

back 7

automatic stay

front 8

Which type of bankruptcy allows corporations to reorganize debt?

back 8

Chapter 11

front 9

Which type of bankruptcy discontinues business operations?

back 9

Chapter 7

front 10

_____ bankruptcy allows international corporations to file bankruptcy in United States courts where their significant assets are located.

back 10

Chapter 15