Desmond, a sole proprietor, operates a small car repair service out of his garage in Thorold. Unfortunately, business has not been good for Desmond over the last couple of years and lately, he has not been able to pay his bills, all of which are seriously past due. He currently owes more than $20,000. A proposal by Desmond to restructure his debts was rejected by his creditors. One of his creditors, Xpress Auto Parts & Equipment Inc. ("Express"), applied to the court to have Desmond petitioned into bankruptcy. A receiving order has been issued. Which of the following is true? A. In order to retain the vlade of his property, Desmond would be well advised to sell it to his friends and family members for a nominal amount (e.g. $1). B. In order to get paid, secured crditors must wait until the trustee in bankruptcy sells the available assets in Desmond's estate and distributes the proceeds. C. All of Desmond's personal property, including the furniture in his house will be transferred into the hands of the trustee in bankruptcy. D. Unsecured creditors are entitled to seize the goods sold to Desmond and sell them. E. Desmond will be able to retain ownership of the tools that he uses to fix cars. 6:05 pm