Which of the following statements is FALSE?A. Legal bankruptcy occurs when the firm or creditors bring petitions to a federal court for bankruptcy.B. Bankruptcy refers to the legal proceeding for liquidating or reorganizing a business.C. Technical insolvency occurs when a firm has a negative net worth, because the book value of its liabilities are less than the book value of its assets.D. Liquidation is the termination of the firm as a going concern, whereas reorganization is the financial restructuring of a struggling firm to attempt to continue operations as a going concern

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