Nogood Service Centre Encountered Financial Setbacks Over a Period of Time,and

Nogood Service Centre encountered financial setbacks over a period of time,and eventually found itself insolvent.Among its creditors were the first and second mortgagees of the land and building that Nogood owned,trade creditors,employees who had not been paid wages,and the municipality,for arrears of property taxes.Nogood decides not to make a proposal to its creditors.
-Nogood must have committed an act of bankruptcy within the preceding six months,and owe its creditors at least $1,000 before the creditors may take bankruptcy proceedings against it.