Practice Quiz

Veterinary Practice Manager

Category - CVPM

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If a business bankruptcy is resolved using a liquidation plan, what will happen?
  1. The business debt is negotiated, eliminated, or reduced, as long as regular repayment is made
  2. The business negotiates a new organizational structure, based on learning from past mistakes
  3. The business will cease to exist
  4. The business has to get approval from a judge in order to remain in business
Explanation
Answer: C- If a business bankruptcy is resolved using a liquidation plan; the business will cease to exist. It is sold and the proceeds are used to pay the creditors.
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