1. Which of the following statements is true of the liquidation phase of termination?

a. In cases of voluntary dissolution, liquidation duties fall on the shareholders.

b. The liquidation phase of termination begins before dissolution takes place.

c. In cases of involuntary dissolution, courts automatically appoint a receiver to handle liquidation duties.

d. Liquidation is the process by which the shareholders convert the corporation's assets into cash and distribute it among themselves.