A person filing for bankruptcy under Chapter 11 and left in place to operate the business during the reorganization proceeding is known as the ________.
A) trustee
B) debtor-in-possession
C) consignor
D) regent

Question

Quizplus · Accepted Answer

A debtor-in-possession is a person who files for bankruptcy under Chapter 11 and is allowed to continue operating the business during the reorganization process. They are responsible for managing the company's affairs and taking steps to restructure its debt and financial obligations. Trustees, consignors, and regents are not typically associated with Chapter 11 bankruptcy proceedings.

A Person Filing for Bankruptcy Under Chapter 11 and Left