Which of the following is a voluntary liquidation proceeding that passes the liquidation of the firm's assets to a third party that is designated as the assignee or trustee?
A) Liquidation
B) Assignment
C) Composition
D) Consolidation

Question

Quizplus · Accepted Answer

Assignment is a form of voluntary liquidation where the business owner transfers the assets to a third party (assignee or trustee) to liquidate them and pay off creditors, without going through formal bankruptcy proceedings.

Which of the Following Is a Voluntary Liquidation Proceeding That