Wade's Company, WaCo Inc, Is Insolvent and Has Committed an Act

Multiple Choice

Wade's company, WaCo Inc, is insolvent and has committed an act of bankruptcy.Last year, Wade's friend, Jacques, went through personal bankruptcy last year.Wade is hoping to learn useful lessons from his friend's experience.Which of the following statements is most likely to be TRUE?

A) While Jacques made a proposal that merely required approval of half of his creditors, if WaCo makes a proposal, it must be approved by 75 percent of its creditors.
B) Unlike Jacques, Wade can make the debts disappear simply by dissolving WaCo.
C) Jacques was discharged from bankruptcy, but WaCo will be discharged from bankruptcy only if it pays all of its debts.
D) Exactly the same rules that applied to Jacques will apply to WaCo as well.
E) WaCo will have to hire his own trustee, whereas Jacques had one assigned to him.