Claim for services be allowed by the bankruptcy courts

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Reference no: EM132153955

1. Ryan’s wife is an accountant who keeps the books for his business. When the business goes bankrupt, will Ryan’s wife’s claim for services be allowed by the bankruptcy courts?

a. No, since he is an insider.

b. No, because it would be difficult to prove that services were actually rendered.

c. Yes, but only up to the reasonable value.

d. Yes, as long as he is not an officer of the corporation.

2. Willy’s Woodworking Workshop (“W3”) sued LTE Services, alleging that LTE Services’ salesperson who sold W3 a three-year service contract, lied about the terms of the service contract, and that LTE Services provided poor service. W3 paid for the first year, but refused to pay for years two and three of the contract. LTE Services counterclaimed for the unpaid sum due on the contract, and denied W3’s allegations.

Define:

Issue

Ruling

Application

3. A plan for reorganization under Chapter 11 does not have to meet which of the following requirements to be confirmed by the court?

a. Good faith.

b. Feasibility.

c. Be accepted by all creditors.

d. Cash payments for certain classes of creditors.

4. Luci owns and operates a donut shop. Under the Code, the flour, sugar, and other goods used by Luci to make donuts are classified as:

a. farm products.

b. fixtures.

c. consumer goods.

d. inventory.

Reference no: EM132153955

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