True or False

Indicate whether each of the following is true or false. If an answer is false, explain why.

Insolvency means that a debtor has more current liabilities than current assets.
Voluntary bankruptcy petitions may be filed under either of the Reform Act.
If an insolvent debtor has more than 12 creditors, an involuntary petition must be signed by at least three of those creditors.
Unsecured creditors with priority will receive full satisfaction before secured creditors are paid.
Either a debtor or its creditors may file a petition for reorganization the Reform Act.
In a reorganization involving a transfer of assets, the debtor will recognize a gain on restructuring measured by the excess of the carrying value of the payable settled over the book value of the assets transferred.
Restructuring gains that arise from troubled debt restructurings are reported by the debtor as extraordinary gains.

  1. The statement of affairs is a report designed to estimate the amount expected to be earned by a debtor company during the time period needed to complete a reorganization.
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