CPA QUESTION Decal Corp. incurred substantial operating losses for the past three years. Unable to meet its
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CPA QUESTION Decal Corp. incurred substantial operating losses for the past three years.
Unable to meet its current obligations, Decal filed a petition of reorganization under Chapter 11 of the federal Bankruptcy Code. Which of the following statements is correct?
a. A creditors’ committee, if appointed, will consist of unsecured creditors.
b. The court must appoint a trustee to manage Decal’s affairs.
c. Decal may continue in business only with the approval of a trustee.
d. The creditors’ committee must select a trustee to manage Decal’s affairs.
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