Once a Company Has Been Declared Bankrupt, Which of the Following

Once a company has been declared bankrupt, which of the following happens next?

A) A receiver is appointed by the courts to take possession of the company's assets.
B) The company is sold by the receiver as an operating business to the highest bidder.
C) The company's assets will be sold by the receiver and the creditors paid in order of security.
D) A receiver is appointed by the courts to take possession of the company's assets and the company's assets will be sold by the receiver and the creditors paid in order of security.
E) All of the answers are correct.