A Business Realizes That It Cannot Pay Its Creditors and Seeks

Multiple Choice

A business realizes that it cannot pay its creditors and seeks relief under the Bankruptcy and Insolvency Act. Which of the following is TRUE?

A) Its only option is to make a voluntary assignment in bankruptcy.
B) Its only option is to wait until petitioned into bankruptcy by its creditors.
C) It can make a proposal under the Bankruptcy and Insolvency Act and creditors will automatically be prevented from suing for a certain period of time.
D) It can only wait for a receiving order to be issued
E) None of the above.