Which one of the following statements is false?

In certain cases, a supplier can recover goods shipped to a bankrupt in priority to other creditors.

A trustee in bankruptcy holds the assets of the bankrupt in trust for the benefit of the creditors and has a duty to preserve the value of these assets.

A corporation petitioned into bankruptcy will not be discharged and likely will not survive.

After the secured creditors have been paid, whatever remains in the bankrupt$$s estate is paid to creditors in order of preference as set out in the legislation.

The Companies$$ Creditors Arrangement Act provides flexibility which enables very small corporations to restructure their affairs and avoid bankruptcy.