Marks business was in financial trouble. six months prior, Ask an Expert

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Mark's business was in financial trouble. Six months prior to filing bankruptcy, he transferred some assets to his brother's corporation in exchange for some stock to be issued after bankruptcy. The trustee:

A) cannot set aside the transfer, as it was more than 90 days before filing bankruptcy.

B) can recover the assets as a fraudulent transfer.

C) can recover the assets as a preferential transfer.

D) cannot recover the assets because his brother's corporation is a separate legal entity.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991033

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