Terri Hall, CPA, is an unsecured creditor of Tree Co. for $16,000. Tree has a total of 10 creditors, all of whom are unsecured. Tree has not paid any of the creditors for 3 months. Under Chapter 11 of the federal Bankruptcy Code, which of the following statements is true?
A. Hall and two other unsecured creditors must join in the involuntary petition in bankruptcy.
B. Hall may file an involuntary petition in bankruptcy against Tree.
C. Tree may not be petitioned involuntarily into bankruptcy under the provisions of Chapter 11.
D. Tree may not be petitioned involuntarily into bankruptcy because it has fewer than 12 unsecured creditors.
Answers: 1
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Terri Hall, CPA, is an unsecured creditor of Tree Co. for $16,000. Tree has a total of 10 creditors,...
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