Tae is insolvent and has selected an Official Receiver to aide him in his bankruptcy proceedings.Tae tells the Official Receiver he wants to file a proposal.Which of the following is true?
A) Any one of his creditors can still apply for a bankruptcy order.
B) Only secured creditors can apply for a bankruptcy order.
C) Tae may include a composition,giving him more time to resolve his debts.
D) If Tae includes a scheme of arrangement,he must inform his creditors of all actions performed with his assets.
E) Tae may include a liquidation proposal,which is a similar process to bankruptcy,but with more control for the Tae.
Correct Answer:
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