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| On February 28, Master, Inc. had total assets with a fair market value of $1,200,000 and total liabilities of $990,000. On January 15, Master made a monthly installment note payment to Acme Distributors Corp., a creditor holding a properly perfected security interest in equipment having a fair market value greater than the balance due on the note. On March 15, Master voluntarily filed a petition in bankruptcy under the liquidation provisions of Chapter 7 of the Federal Bankruptcy Code. One year later, the equipment was sold for less than the balance due on the note to Acme.If Master’s voluntary petition is filed properly, A. Lawsuits by Master’s creditors will be stayed by the Federal Bankruptcy Code. B. Master will be entitled to conduct its business as a debtor-in-possession unless the court appoints a trustee. C. A trustee must be appointed by the creditors. D. The unsecured creditors must elect a creditors’ committee of three to eleven members to consult with the trustee. |