Sonia, a retailer, has the following assets: a factory worth $1 million; accounts receivable amounting to $750,000,
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Sonia, a retailer, has the following assets: a factory worth $1 million; accounts receivable amounting to $750,000, which fall due in four to six months; and
$20,000 cash in the bank. Sonia’s sole liability is a $200,000 note falling due today, which she is unable to pay. Can Sonia be forced into involuntary bankruptcy under the Bankruptcy Code?
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Related Book For
Anderson's Business Law And The Legal Environment
ISBN: 9780324638189
20th Edition
Authors: David P Twomey, Marianne M Jennings, Ivan Fox
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