Under the BIA,a firm may put forth a proposal that can either be accepted or rejected by its ________.

Question

Quizplus · Accepted Answer

The BIA or Bankruptcy and Insolvency Act is a federal law in Canada that governs bankruptcy and insolvency proceedings. Under the BIA, a firm may propose a plan of arrangement to its creditors, which is essentially a proposal to restructure the firm's debts and operations. The proposal is put forth by the firm, and it must be approved by the firm's creditors (i.e. those who are owed money by the firm). Therefore, the best choice for the question is A) creditors.

Under the BIA,a Firm May Put Forth a Proposal That