1) A firm may be technically insolvent even though it has a positive net worth.

True or False

2)Bankruptcy refers to a circumstance where a firm is unable to pay its bills as they come due

True or False

3) Establishing a creditor committee to run the business is a type of in - court settlement

True or False

4) The three highest priority levels in bankruptcy include the cost of administering the proceedings , past wages due to workers, and overdue interest payments to creditors.

True or False