In Canadian bankruptcy law,
A) a person is insolvent when no bank or lender will provide credit.
B) "liquidation" is the amount, stated in precise dollars and cents, which is available to pay a bankrupt person's debts.
C) a "proposal" is a court-approved arrangement that occurs outside of formal bankruptcy.
D) "goodwill" is formally defined as the amount by which a business' ability to borrow money exceeds that business' actual assets.
E) a "stay" occurs when a creditor decides that it will allow a debtor to continue carrying on business.
Correct Answer:
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