Domenico Is a Tradesman Who Works as an Independent Contractor

Multiple Choice

Domenico is a tradesman who works as an independent contractor.When the economy went into a recession and new construction projects dried up, he found it impossible to make ends meet.As a result, he has stopped meeting his debts as they fell due.Which of the following statements is TRUE?

A) Domenico is already bankrupt.
B) Because he is an individual, rather than a corporation, Domenico may be put into bankruptcy through the process of assignment but not through a creditor's application for a bankruptcy order.
C) Domenico's failure to pay his debts as they fall due constitutes an act of bankruptcy.
D) A court will issue a receiving order only if Domenico enters bankruptcy through assignment.
E) Domenico is not insolvent.