Tae Is Insolvent

Multiple Choice

Tae is insolvent.He 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 most likely to be 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.