Milo's Pedantry Inc is in bankruptcy.The owner of the company wants to better understand the process of bankruptcy.He therefore has asked you to identify and briefly explain the various people involved in the process.Which of the following statements is TRUE?
A) The trustee will acquire legal title to the company's unsecured assets and, after assessing the various claims against the debtor, liquidate the assets and distribute the proceeds accordingly.
B) The superintendent is the person who supervises, in a hands-on manner, the administration of the bankruptcy proceedings.
C) The registrar is appointed by the federal cabinet to inspect and investigate bankrupt's estates.
D) The inspectors are appointed by the debtor for the purpose of verifying the creditors' claims.
E) The debtor remains in possession and control of the assets until the bankruptcy is completed.
Correct Answer:
Verified
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