Regarding the proposal for a company voluntary arrangement, which one of the following statements is NOT true?

a) If the company is in administration, the proposal will be made by the administrator.

b) If the company is in liquidation, the proposal will be made by the liquidator.

c) If the company is neither in administration or liquidation, the proposal can be made by the directors.

d) If the company is neither in administration or liquidation, the proposal can be made by the members or creditors.