Which of the Following Is False Regarding Bankruptcy Proceedings in Spain

Which of the following is false regarding bankruptcy proceedings in Spain?

A) In order to be effective, an arrangement representing a proposed settlement between the debtor and creditors must be approved by creditors representing at least 20 percent of the debtor's liabilities and by the judge.
B) A failure to obtain the necessary approval of a proposed settlement between the debtor and creditors may result in the debtor's liquidation.
C) Bankruptcy proceedings start with a finding of insolvency.
D) Insolvency means that the business has failed to meet at least some financial obligations for at least six months.
E) The bankruptcy filing may be done voluntarily by the debtor company, or it may be done involuntarily by the debtor's creditors in an enforced bankruptcy.