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LIQUIDATION – CHAPTER 14

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › LIQUIDATION – CHAPTER 14

  • This topic has 3 replies, 2 voices, and was last updated 5 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • December 19, 2019 at 2:49 pm #556220
    mohammedanjum
    Participant
    • Topics: 5
    • Replies: 6
    • ☆

    Hi
    I was hoping someone can clarify. Although my exam is tomorrow and would be grateful for an answer soon, I am still keen to know nevertheless it being short notice.

    Practice Question 2 of the Liquidation Chapter – The question asks in a creditors’ voluntary winding up the liquidator is appointed y the creditor is the correct answer to it. However in the video lecture the tutor mentions specifically that in a members voluntary winding up, the members appoint the liquidator and in a creditor voluntary winding up the members appoint the liquidator.

    December 19, 2019 at 6:56 pm #556223
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    No, the members NOMINATE a liquidator but the creditors appoint one. That could be the same liquidator that was nominated by the members … but it could be somebody else (so long as that other person is a QIP)

    OK?

    December 19, 2019 at 7:29 pm #556226
    mohammedanjum
    Participant
    • Topics: 5
    • Replies: 6
    • ☆

    Ok thank you, so who appoints the liquidator in Members Voluntary Windup situation?

    December 20, 2019 at 7:41 am #556243
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    The members. The difference is SOLVENCY

    If the company is solvent as at the date of the decision / resolution to liquidate, all creditors will be paid in full so no one is harmed and it’s the members’ choice who is appointed as liquidator

    But if the company, at that date, determines that it will not be able to settle all the claims of creditors within 12 months of the commencement of a liquidation, then that group’s interests will be adversely affected. So the right to appoint a liquidated is theirs

    OK?

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