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Commercial Paint Company (CPC) has15 creditors and cannot pay its debts when they become due. Also, its liabilities exceed its assets. CPC owes 3 of
Commercial Paint Company (CPC) has15 creditors and cannot pay its debts when they become due. Also, its liabilities exceed its assets. CPC owes 3 of the 15 creditors more than $20,000.00 each. These 3 creditors file a petition in bankruptcy against CPC in Chapter 11, Reorganization. The petition filed by these creditors would be characterized as which one of the following?
(i) A Voluntary Petition, or
(ii) An Involuntary Petition
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