For the past 40 years Bhutan, a kingdom of 754,000 people in the Himalaya mountains, has relied on the following measure:

You own a large company and would like to issue bonds for $12 million to pay for the construction of a new manufacturing facility. As a bond issuer, your company will need to:

Tad filed for bankruptcy as the amount of his debts far exceeded the amount of his assets. In the bankruptcy the trustee seized all of Tad’s non exempt property, which he sold in order to pay off the creditors. Unfortunately the amount of money generated by the sale of the assets was insufficient to pay all of the debts, and very few of the creditors were fully paid. This form of bankruptcy is known as:

A. Ch. 7 B. Ch. 11 C. Ch. 12 D. Ch. 13 E. None of the above. Since the creditors could not be paid in full, the bankruptcy proceeding was illegal