EEE Ltd is in insolvent administration.For which of the following will the administrator require permission from the court?
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A 1 only B 1 and 2 only C 1 and 3 only D All of the above
3 .Who has immediate responsibility for dealing with the affairs of a company once acompulsory winding up order has been granted?
A The Official Receiver B The liquidator C An administrator
4 .RRR Ltd has defaulted on a floating charge. A court order has started administrationproceedings.Which of the following actions is the charge-holder entitled to take?
A Appoint an administrator B Seize all of the assets of RRR Ltd C Obtain title to the assets of RRR Ltd, subject to a court order D Enter RRR Ltd’s premises to secure the specific assets charged to him
5 .Which of the following could be a ground for “just and equitable winding up”?
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7 .Marcel is the majority shareholder in Cook Restaurant Ltd. He wishes to retire and closedown the business completely, as none of his family wish to succeed him. The company hascreditors, but Marcel knows that the business is solvent and that the net assets will meet allobligations.Which of the following is most appropriate to bring the company’s existence to an end?
A Creditors voluntary winding up B Administration C Creditors compulsory winding up D Members voluntary winding up
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A 1 only B 2 only C Neither 1 nor 2 D Both 1 and 2
9 .Which of the following is/are grounds for petitioning the court to have a companycompulsorily wound-up?(1) Members have passed a special resolution to seek compulsory winding-up.(2) A public company fails to obtain a trading certificate within one year ofincorporation.
A 1 only B 2 only C Neither 1 nor 2 D Both 1 and 2
10 .In the event of liquidation the liquidator will distribute the company’s assets in accordancewith the priority determined by the law relating to insolvency.Assuming there are surplus assets who ranks last in the priority of creditors?
A Unsecured creditors B Ordinary shareholders C Floating charge-holders
