Answer: c. Provide safeguards against the withdrawal of assets by the owners of the bankrupt firm and allow insolvent debtors to discharge all of their obligations and to start over unhampered by a burden of prior debt.
Explanation:
When a person or entity files for Chapter 7 Bankruptcy, a trustee is appointed that will sell off the assets of the entity to enable repayment of debt to the creditors. As such, the entity will not be allowed to touch the assets thereby providing safeguards against their withdrawals by same.
After all assets are sold, any remaining debt is forgiven so that the debtor owes no more debt. This will then given them a chance to start over without having to worry about the previous debts they accumulated.
Answer:
Property that was sold three years ago by the debtor(A)
Explanation:
Property that was sold three years ago by the debtor : Debtor has no legal claim on the property of the bankrupt.
Community property: This is also knows as marital property. It belongs to both partners in marriage. Community property is part of the bankruptcy estate, even if only one spouse files for bankruptcy.
Property transferred in a transaction voidable by the trustee : these are transactions that trustee can prove to be voidable and recover transferred assets back to the bankrupt provided it can be proven to have been improperly transferred.
Proceeds and profits from the property of the estate : These are income realized from the estate after trustee fee has been paid and other associated expenses.
A corporation declares a 5% stock dividend that's payable on Thursday, October 18. If the record date is Wednesday, October 3, the ex-date for this distribution is Tuesday, october 2.
A corporation is an organization (usually a group of people or a legal entity) authorized by the State to act as a single entity and legally recognized as such for a specific purpose. Early incorporated entities were established by charter. Most jurisdictions now permit the formation of new companies by registration.
Many, but not all, companies are stock companies and vice versa. A company or other company may attempt to incorporate. As a corporation, a company exists as a separate legal entity from its owners. Above all, this means that the owner cannot be held responsible for the company's debts.
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Answer:
d. sold bonds to decrease banks reserves.
Explanation:
The Fed uses contractionary Open market operations to contain runaway inflation. The Fed sells bonds and securities to the banks to reduce the amount of money available for credit in the economy. The bank will use funds that should be loaned out to purchase government bonds, thereby denying individuals and firms a chance to borrow from the banks.
If the Fed wants to reduce the money supply in the economy, it issues out bonds and security at attractive interest rates. The banks will opt to invest with the government, which is risk-free rather than loan out to households and firms. By selling bonds and securities, the Fed mops out all the excess money in the economy.
