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In a liquidation, the holder of partly paid shares will have to pay the amount as yet unpaid on those shares. To whom is that money payable?
A. court B. liquidator C. company D. bankWhat does the answer say?
I seem to remember that I have this question in two different formats with two different answers.
The moneywould be payable to the company.
But the person that is in charge of running the company.
Ok?
In open tution supplementary test, the correct answer is liquidator but in revision test answer there was company. And the question is same, nothing is different.
I thought that I had just explained this! I posted that there were two questions the same in different formats but with different answers
I then posted that the money would be payable to the company
I was then going to put in something about the liquidator but thought that would cause unnecessary complications and confusion but sadly failed to delete it in full.
So here it is in full …… the liquidator is the person in charge of running the company, the liquidator is the person that will write to the holders of the partly paid shares and it is as a result of the liquidator’s demands that the partly paid shareholders will pay the money ….. to the company!
Ok?
Which of the following parties applies for a company to be wound up in a creditors’ voluntary winding up?
A. creditors B. members C. directorsYes – the “voluntary” element tells you that it’s a voluntary act of the company (by the vote of the members) to “commit suicide”
Ok?
1. Which of the following may not be achieved by written resolution?
A. removal of an auditor B. alteration of the company’s articles C. variation of class rights D. change to the company’ nameWhich one of the following is a ground for the court to order a compulsory winding up?
“Where…….”
A. Andrew Limited has owed an undisputed debt of $900 for a period in excess of six months
B. Superhuge Ltd has failed to obtain a trading certificate with 12 months of incorporation
C. the number of directors in Ewan plc falls below the statutory minimum for a period in excess of six months
D. Jenny plc has passed an extraordinary resolution to petition the court for a compulsory winding upMy answer was C. But the correct answer was A.
Could you please explain it.If the question had said “the number of members in Ewan Plc had fallen below 2 for a period in excess of 6 months” then option C would also be a ground for a winding up order by the court
But option A relates to a company that has owed a debt in excess of £750 for a period in excess of 3 weeks and that IS a ground for a winding up order from the court
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