All of the Following Are True About Voluntary Liquidations Except

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.