Project: Bankrupt Your Business
Instructions
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Answer
Bankruptcy PlanMIA Company has been facing liquidity problems in the past five years. In the current fiscal period 2020, the management has agreed to declare the business bankrupt due to several factors. Some of these factors are its dwindling sales, an increase in operating expenses, and depreciated assets. The company is settling for Chapter 7 Bankruptcy. The choice of this bankruptcy plan is because MIA Company considers its option for reorganization to be zero. Consequently, there will be a need for the appointment of a trustee to oversee the sale of assets to recover amounts and prioritize payment of creditors. The primary issue that would accompany the declaration of bankruptcy is the subject of the repayment of creditors and the amounts that will be available to shareholders. The bu...
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