All of the Following Are True About Voluntary Liquidations Except

question 76

Multiple Choice

All of the following are true about voluntary liquidations except for

• A) They can be conducted outside of court in a private auction.
• B) They can be done within the protection of the bankruptcy court.
• C) Creditors normally prefer liquidations to be conducted by the bankruptcy court.
• D) A trustee is assigned to sell the debtor firm's assets as quickly as possible while obtaining the best possible price.
• E) If the insolvent firm is willing to accept liquidation and all creditors agree, legal proceedings are not necessary.

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