What is the primary role of a debtor in possession in Chapter 11 bankruptcy?
Avoiding Powers of Debtor in Possession

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Business, Social Studies
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To close the business
To pay off secured creditors first
To recover preferential and fraudulent payments
To liquidate all assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a preferential payment?
A payment made to an employee
A payment made to a secured creditor
A payment made within 90 days before bankruptcy that gives a creditor more than they would receive in Chapter 7
A payment made for routine business expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of a defense against a claim of preferential payment?
Payment made in the ordinary course of business
Payment made to a family member
Payment made to a new creditor
Payment made after bankruptcy filing
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a defense against preferential payment claims?
Payment to an insider
Ordinary course of business
Purchase money for collateral
Contemporaneous exchange of value
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What defines a fraudulent payment in the context of bankruptcy?
A payment made to a government agency
A payment made for routine business expenses
A payment made with the intent to hinder, delay, or defraud creditors
A payment made to a secured creditor
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How far back can a debtor in possession look to recover fraudulent payments?
5 years
1 year
90 days
2 years
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following scenarios could be considered a fraudulent transfer?
Making a routine payroll payment
Paying a utility bill
Transferring an asset for significantly less than its value
Selling equipment for its full market value
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