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LIQUIDATION

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › LIQUIDATION

  • This topic has 5 replies, 2 voices, and was last updated 1 month ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • June 21, 2022 at 5:37 pm #659069
    Eunice03
    • Topics: 40
    • Replies: 35
    • ☆☆

    On a compulsory winding up of a company, who will the court usually appoint?
    A The auditor of the company
    B The Official Receiver
    C A qualified insolvency practitioner

    ANS-B

    Good day sir, what is the difference between a receiver and a liquidator

    June 21, 2022 at 5:39 pm #659070
    Eunice03
    • Topics: 40
    • Replies: 35
    • ☆☆

    Also is it still the shareholders or creditors that pick the liquidator eventually?

    June 21, 2022 at 8:54 pm #659079
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22588
    • ☆☆☆☆☆

    A receiver is like a surgeon, trying to save the body (corporate) when it gets into financial trouble

    A liquidator is like a Death Sentence – the job of the liquidator is to kill the company

    Is that enough for you?

    June 21, 2022 at 8:59 pm #659080
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22588
    • ☆☆☆☆☆

    Sorry, second question!

    If it’s a members voluntary winding up, it’s the shareholders that appoint the liquidator

    If it’s a creditors voluntary winding up, it’s the creditors that appoint the liquidator

    And if it’s a compulsory winding up by order of the court, the court will appoint the Official Receiver to be the provisional liquidator until the creditors of the company have a meeting (called by the OR) and are given the opportunity to appoint their own choice of liquidator (or simply agree to authorise the OR to continue)

    OK?

    June 22, 2022 at 6:47 pm #659141
    Eunice03
    • Topics: 40
    • Replies: 35
    • ☆☆

    I get it now.Thank you very much sir

    June 23, 2022 at 8:16 am #659188
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22588
    • ☆☆☆☆☆

    You’re welcome

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