A business that files Chapter 7 bankruptcy and loses money for creditors and investors is considered a Responsesdiscontinuance discontinuance new venture new venture service businessservice businessbusiness failure

A business entity where, in the event of the business being unable to pay its creditors as debts fall due, the owner(s) cannot be forced to sell personal assets or wealth to repay these debts is _____________.

S.102 (1) of the Companies Act states that if any business of a company iscarried out with intent to defraud creditors of the Company or any person whoknowingly participates in carrying on the business in the manner commits anoffence. Discuss the concept entailed in this provision and under what instancesit is applicable. (17.5 Marks)*END*

A person who owes money to a business is known as a:Question 7Answera.Partnerb.Debtorc.Creditord.Investor

Occurs when a business cannot meet financial obligations with lenders.Select the correct termAuditingInsolvencyBankruptcyCorporate Insolvencies

This venture ___________ go out of business soon if it doesn’t work towards increasing its competitiveness in the market.shouldwon’tmightwill