With respect to debtors the main goal of bankruptcy is to ensure that creditors are paid. True Or False
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With respect to debtors the main goal of bankruptcy is to ensure that creditors are paid.
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- n loses his dog. He posts signs in his neighborhood offering a $500 reward for the safe return of his dog. Jill happens upon the dog, knows its Tom's, and promptly returns the dog to Tom. Upon learning of the reward, she says "I returned your dog and now I see there's a reward; I want my money." Which of the following is more likely than the others as a result? Jill gets the reward. Through her actions, she formed a bilateral contract. Jill gets the reward. Public policy requires people to return things to their rightful owners. Jill does not get the reward because there is no in rem jurisdiction for a court to have the power to enforce the reward. Jill does not get the reward because the offer had not been communicated to her.After researching Best Buy common stock, Sally Wang is convinced the stock is overpriced. She contacts her account executive and arranges to sell short 550 shares of Best Buy. At the time of the sale, a share of common stock had a value of $148. Three months later, Best Buy is selling for $140 a share, and Sally instructs her broker to cover her short transaction. Total commissions to buy and sell the stock were $58. What is her profit for this short transaction?Companies A and B differ only in their capital structure. A is financed 30% debt and 70% equity: B is financed 10% debt and 90% equity. The debt of both companies is risk-free. a. Rosencrantz owns 1% of the common stock of A. What other investment package would produce identical cash flow for Rosencrantz? b. Guildenstern owns 2% of common stock of B. What other investment package would produce identical cash flows for Guildenstern?
- Building and personal property coverage form Can cover which of the following expenses Except automobile held for sale Building additions Improvement and betterment Property of othersWhat would be the priority of the claims as to the distribution of assets in a liquidation under Chapter 7 of the Bankruptcy Act? 1 is the highest claim, 5 is the lowest. (1) Trustees' costs to administer and operate the firm. (2) Common stockholders. (3) General, or unsecured, creditors. (4) Secured creditors, who have a claim to the proceeds from the sale of specific property pledged to secure a loan. (5) Taxes due to federal and state governments. Oa. 4, 1, 5, 3, 2 Ob. 1, 5, 4, 3, 2 Oc. 1, 4, 3, 5, 2 Od. 5, 1, 4, 2, 3 Oe. 5, 4, 1, 3, 2Zach had surgery, which was his third claim of the year. He had a bill of $5000.Considering the prior visits, what is Zach’s portion of this bill and what is theresponsibility of the insurance carrier?
- a debtor fails to appear at the Chapter 7 creditors' meeting, the court may refuse to grant the bankruptcy. True FalseIn details explain what's secured creditors and unsecured creditorsHyde is a broker involved in a conflicting demands settlement procedure that has already begun. The escrow funds are held in an attorney's escrow account. Hyde seeks an EDO from the FREC. How will the FREC likely respond? The FREC will not issue an EDO because the funds are in an attorney's escrow account. The FREC will issue an EDO within ten business days. The FREC will issue an EDO if the other three settlement procedures don't work. The FREC will not issue an EDO because the dispute must be settled
- Janice's Juices, LLC is a single-member LLC that was created and began business on January 1, 2022. Due to an oversight, no S election (or other entity classification election) was made by the regular deadline to make an election for 2022. Assuming the business otherwise qualifies to request late S corporation election relief, it must file Form 2553 by which date?If a director allows a company to continue to trade indefinitely and the company is placed into liquidation, what are the potential liabilities for a director and how are these determined by the Courts?What is the difference between liquidation bankruptcy and realignment bankruptcy?