When liquidation occurs, a debtor turns over all assets to ________
A) the court
B) a bank appointed by the court
C) a trustee
D) a conservator
E) a debtor does not turn over their assets

Question

Quizplus · Accepted Answer

In the context of liquidation, a debtor turns over all assets to a trustee. The trustee is responsible for managing the assets, selling them, and distributing the proceeds among the creditors according to the priorities established in bankruptcy law.

When Liquidation Occurs, a Debtor Turns Over All Assets to ________