Liquidation of a Corporation

Liquidation of a corporation:

A) is set up to protect stockholders and the board of directors, but not creditors.
B) is carried out by a court-appointed receiver in any liquidation.
C) results in paying first stockholders with a liquidation preference, then outside creditors, then expenses of liquidation.
D) is carried out by the board of directors, serving as trustees, in a voluntary liquidation.