每日一练1(英文)


Question:
The creditors of a firm have filed an involuntary petition seeking a Chapter 7 liquidation of the firm under federal bankruptcy law. The firm contests the petition. What is a basis for the court denying the petition?
A.   A custodian took possession of the debtor's property to enforce a lien 60 days prior to filing.
B.   A custodian took possession of the debtor's property to enforce a lien 120 days prior to filing.
C.   The debtor has 12 creditors and three creditors with unsecured claims totaling $11,625 joined in the petition.
D.  The debtor has 10 creditors and one creditor with a claim of $10,000 filed.


Answer(D):
Answer (A) is incorrect. A contested involuntary petition will be granted if the debtor is not paying its bills when due or if, within 120 days prior to filing, a custodian took possession of the debtor’s property to enforce a lien.
Answer (B) is incorrect. A contested involuntary petition will be granted if the debtor is not paying its bills when due or if, within 120 days prior to filing, a custodian took possession of the debtor’s property to enforce a lien.
Answer (C) is incorrect. The plaintiff’s claims total at least $11,625 and the involuntary petition is joined by three creditors with unsecured claims.
Answer (D) is correct. An involuntary petition must be joined by three or more creditors with unsecured claims totaling at least $11,625 if the debtor has 12 or more creditors. If there are fewer than 12, one creditor with a claim of at least $11,625 may file.

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