With reference to the Willful Default, which of the following statements is/are correct? 1. It occurs when firms take loans, divert the proceeds out of the firm for the personal benefit of owners, default on loans and declare bankruptcy. 2. It refers to a classification for loans or advances that are in default or in arrears for more than 90 days. Select the correct answer using the codes given below: - Study24x7
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With reference to the Willful Default, which of the following statements is/are correct? 1. It occurs when firms take loans, divert the proceeds out of the firm for the personal benefit of owners, default on loans and declare bankruptcy. 2. It ...

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A

1 only

B

2 only

C

Both 1 and 2

D

Neither 1 nor 2

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