An impaired class is a group of creditors with similar claims whose debt, under the proposed plan, will not be paid in full.
Indicate whether the statement is true or false
Q. #2When the Chapter 11 petition is filed, the debtor files a series of pleadings called 7th day motions, to obtain court approval to engage in activities that are not allowed under the Bankruptcy Code.
Indicate whether the statement is true or false
Q. #3A business may choose to file for Chapter 7 if it intends to go out of business, whereas others may be forced into a Chapter 7 bankruptcy by its creditors.
Indicate whether the statement is true or false
Q. #4The ________ committee is appointed by the United States trustee, who is appointed by the federal government, unlike private case or panel trustees.
Fill in the blank(s) with correct word
Q. #5Under 11 U.S.C. 341, a meeting of the creditors must take place in a Chapter 11 case 20 to 60 days after the voluntary petition is filed.
Indicate whether the statement is true or false
Q. #6Some businesses may also choose to file for Chapter 11 when they plan to liquidate the business over an extended period or sell the business as a going concern.
Indicate whether the statement is true or false
Q. #7There are two ways to obtain confirmation of the reorganization plan, either consensually or through what is known as a(n)
A) Slide down plan
B) Cramdown plan
C) Special plan
D) Exclusive plan
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