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?

Question

Quizplus · Accepted Answer

The trustee is the person appointed by the court to manage the bankruptcy estate. They are responsible for acquiring legal title to the debtor's assets, assessing claims against the debtor, liquidating assets, and distributing the proceeds to creditors according to the priority of claims. Therefore, statement A is true. The other statements are incorrect. The superintendent is not involved in the bankruptcy process, the registrar is not appointed to inspect bankrupt estates, the inspectors are appointed by the court, and the debtor does not remain in possession and control of assets once the bankruptcy process has begun.

Milo's Pedantry Inc Is in Bankruptcy