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In which publication must the notice for a creditors’ voluntary liquidation be published??

A

?The Times?

B

?The Financial Times?

C

?The Gazette?

D

?The Telegraph?

Which of the following parties has their interest paid first out of a liquidated company's assets??

A

?The liquidator?

B

?Floating chargeholders?

C

?Employees?

D

?Those owed deferred debts?

?Which of the following statements concerning administration is correct??

A

?A liquidation order may be granted against the company if the company is in administration?

B

?To commence administration always requires a court order?

C

?The official receiver is put in charge of a company subject to an administration order?

D

?If the company cannot be rescued as a going concern, the next objective of administration is to?achieve a better result for creditors than an immediate liquidation would?

Which TWO of the following will end an administration period??

(1) After 12 months have elapsed since the administration commenced?

?(2) The success of the administration?

?(3) A court order granted following a special resolution of the members?

?(4) Agreement of the creditors?

A

1 and 2?

B

?1 and 4?

C

?2 and 3?

D

?3 and 4?

Section 122 Insolvency Act 1986 specifically provides a distinct ground for applying to have a company?liquidated on the ground that it is just and equitable to do so.?

Which of the following parties may petition to have a company compulsorily liquidated under that provision??

A

?Shareholders of the company?

B

?Creditors of the company?

C

?Debentureholders of the company?

D

?The Secretary of State?

Section 122 Insolvency Act 1986 provides a number of distinct grounds for applying to have a company?liquidated on a compulsory basis.?

Which of the following is NOT a ground for the compulsory liquidation of a company under that provision??

A

?The company has not received a trading certificate within its first 12 months?

B

?The company has not started trading within the first 12 months?

C

?The company has suspended its business for 12 months?

D

?The company has altered its primary business within the first 12 months?

The company’s board, creditors and the Secretary of State may petition for the liquidation on the?ground of insolvency.

A

?The board of directors?

B

?The members of the company?

C

?The company's creditors?

D

?The Secretary of State?

?A declaration of solvency is required to commence which of the following??

A

?A members' voluntary liquidation?

B

?A creditors' voluntary liquidation?

C

?A compulsory liquidation?

D

?An administration?

Where a compulsory liquidation order has been granted, which of the following is true??

A

?An insolvency practitioner is appointed as liquidator?

B

?All employees are automatically dismissed?

C

?Any legal proceedings against the company that are in progress at the time of the liquidation order?are allowed to continue?

D

?The company's directors continue to run the company whilst the liquidation process is on-going?

?An administrator of a company has a number of powers that may or may not require the permission of the?court to exercise.??

Which of the following is a power that usually requires court approval to exercise??

A

?Appoint a director?

B

?Call a meeting of members?

C

?Make a payment to a preferential creditor?

D

?Make a payment to an unsecured creditor?