Tae Is Insolvent and Has Selected an Official Receiver to Aide

question 18

Multiple Choice

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.

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