Liquidation starts in a bankruptcy agency, which is a public agency. Bankruptcy agency begins the liquidation proceedings by cataloguing the assets of the debtor and calling for the creditors to make their claims. In regular procedure, the liquidation is carried out by the participation of the creditors. The creditors hold a meeting and determine the candidate for the board of trustees. The compulsory enforcement court then appoints three persons from the candidates as the board of trustees. The board represents the estate of bankruptcy and carries out the liquidation process according to the CCEB and the decisions made by the creditors. An arbitrator does not play a role in this process. The correct answer is E.