Question Tag: Liquidation

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  • 20 Marks

FM – May 2019 – L3 – Q3 – Corporate Restructuring

Evaluate three strategic proposals for Pinko Ltd., including immediate liquidation, a take-over offer, and reorganization, to determine Able Bank's financial outcome.

ble Bank, on April 24, 2019, received the following statement of financial position prepared for its customers, Pinko Limited (PL):

Statement of financial position as at April 20, 2019

PL is a long-established company which traded profitably until a few years ago. Following the expiration of exclusive patent rights on a particularly profitable product line, results declined dramatically. Over the last twelve months, the company’s cash flow problems have steadily increased. The overdraft facility at present stands at N45m and carries a second charge on the company’s freehold property.

A meeting has been arranged to consider the company’s future. The above statement of financial position will be presented at the meeting and the following proposals will be discussed:

Proposals:

(a) Immediate liquidation of the company
In these circumstances, it is estimated that the freehold property would realize N65,000,000, the plant N21,000,000, the inventory N40,000,000, and the receivables would pay up in full. Preferential payables, included in the statement of financial position figure for payables, amounted to N27,000,000.

(b) Tayo Limited (TL) has made an offer to take over the entire business activities of PL
Under the terms of the offer, Able Bank would receive 80% of the balance due, but repayment would not be made until exactly one year from the date of the creditors’ meeting. No further interest would be considered to accrue on the balance due to Able Bank (AB) during the twelve-month period.

(c) Reorganization and capital reconstruction
The management of PL is planning a reorganization of the company’s activities which will restore profitability to reasonable levels almost immediately. The reorganization will be linked with a capital reconstruction scheme. Under this scheme:

  • The existing shareholders will be asked to accept two ₦1 shares in exchange for every five shares currently held.
  • The bank will be asked to accept 10,000,000 ₦1 shares as consideration for one-half of the present overdraft.
  • If this proposal is acceptable to creditors, the shareholders have indicated their willingness to take up a further 30,000,000 ₦1 shares for cash, and the balance remaining outstanding to the bank would be repaid from the proceeds of this issue.
  • The directors are confident that if this proposal is put into effect, profits of ₦40,500,000 per annum will be earned for the foreseeable future, of which two-thirds will be paid out as dividends and the remainder reinvested.

Notes:

  1. Assume that the bank earns 15% per annum on all its lending and that the amounts in the statement of financial position include interest that accrued to date.
  2. Assume, for convenience, that any adopted proposal would be implemented immediately with payments received immediately unless otherwise stated.
  3. Ignore expenses of realization and liquidation, and assume that no changes have occurred between April 20 and April 24, 2019.

Required:

a. Calculate the amounts which Able Bank would receive under each of the three proposals. (10 Marks)
b. Examine the relative financial merits of the proposals from the viewpoint of Able Bank. (10 Marks)

(Total: 20 Marks)

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  • 9 Marks

CR – Nov 2014 – L3 – SC – Q6b – Introduction to Corporate Reporting

Evaluate Luck & Co's financial position and recommend restructuring options to address going concern threats.

Scenario:
Luck & Co. has been making losses over the last few years. Its statement of financial position at 31 December, 2013, showed the following:

Statement of Financial Position as at 31 December, 2013

Assets N
Property, plant, and equipment 80,000
Inventory 20,000
Receivables 40,000
Total Assets 140,000
Equity and Liabilities N
Ordinary Capital 100,000
Retained Earnings (140,000)
Secured Loan Stock 100,000
Payables 80,000
Total Equity & Liabilities 140,000

On liquidation, the assets would realise the following:

Assets N
Property, plant, and equipment 30,000
Inventory 12,000
Receivables 36,000
Total Realisable Value 78,000

If the company continues to trade for the next four years, profit after charging N20,000 per annum as depreciation on the property, plant and equipment would be as follows:

Year Profit (N)
2014 4,000
2015 20,000
2016 26,000
2017 28,000
Total 78,000

Assume that there would be no surplus cash to settle the payables and loan stock holders until after four years when inventory and receivables could be realised at their book values.

Required:

Evaluate the financials and advise the management of Luck & Co on the options available to them and redraft the statement of financial position of Luck & Co after the exercise. (9 Marks)

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  • 1 Marks

AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability

Identifies the type of creditors given priority in payment during a liquidation process.

The creditors given priority payment during a liquidation process are known as …………………. creditors.

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  • 15 Marks

FR – May 2015 – L2 – SB – Q7 – Consolidated Financial Statements (IFRS 10)

Identify and explain events after the reporting period, discuss treatment of liquidation and dividends under IAS 10.

(a) There is usually a lead time between the end of an entity’s accounting year and when the financial statements are approved and signed off by the directors. In between this period, there are two types of events according to IAS 10-Events After The Reporting Period, which may require consideration when preparing financial statements.

Required:
Identify and explain these events and state how they are treated in the financial statements. (4 Marks)

(b) Company A is indebted to company B to the tune of N50,000,000. The financial year-end of company B is 30 June 2014. On 30 July 2014, company B received a letter from a liquidator advising it that company A has gone into insolvency. The letter revealed that company A ceased operations a month ago and that company B is only likely to receive a liquidation dividend of 20k for every naira owed by company A. It is the normal practice of company B’s board to approve the audited financial statements three months after the financial year end.

Required:

  1. Explain how the above transactions should be treated in the financial statements of company B in accordance with IAS 10-Events After The Reporting Period. (2 Marks)
  2. Prepare journal entries that are required to adjust company B’s financial statements to account for the above event. (2 Marks)
  3. State what would have been the treatment in the financial statements assuming it was fire that destroyed company B’s factory building on 30 July 2014. (3 Marks)

(c) The directors of XYZ Plc declared that a dividend of N1 per ordinary share be paid to shareholders on the company’s register as at 15 April 2014. The financial statements were approved by the company’s board on 30 May 2014. The shareholders, at the company’s annual general meeting held on 15 June 2014, approved the payment of the dividend to eligible shareholders on 1 July 2014.

Required:
Explain how the dividend proposed by the Directors should be treated in the financial statements of XYZ Plc in accordance with IAS 10. (4 Marks)

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  • 15 Marks

CR – May 2021 – L3 – Q4a – Corporate Reconstruction for Kanzo Ltd

Prepare a statement of financial position and related computations after reconstruction or liquidation for Kanzo Ltd.

Kanzo Ltd (Kanzo) is a company located in the Savannah Region. The company was strategically located to produce cashew nuts and to take advantage of available tax incentives. However, the company has incurred trading losses for many years now. The Directors are considering the alternatives of liquidation and capital reduction. The company’s Statement of Financial Position as at 31 December 2020 is as follows:

Non-current assets GH¢’million
Property, plant and equipment 3,250
Patent 350
Total Non-current assets 3,600
Current assets GH¢’million
Inventories 1,000
Accounts receivables 500
Total Current assets 1,500
Total assets GH¢’million
Total Assets 5,100
Equity & Liabilities GH¢’million
Ordinary share capital (@GH¢1) 2,000
Retained earnings (750)
Total Equity 1,250
Non-Current liabilities GH¢’million
20% Preference shares 1,100
25% Debentures (unsecured) 1,000
Total Non-Current liabilities 2,100
Current liabilities GH¢’million
Accounts payables 1,000
Bank overdraft (secured on property, plant & equipment) 750
Total Current liabilities 1,750

| Total Equity & Liabilities | 5,100 |

Additional Information:

  • In the event of a forced sale, the assets would probably raise the following amounts:
Asset GH¢’million
Property, Plant and Equipment 1,500
Inventories 400
Accounts receivable 450
  • The company is developing a new product, expected to generate profit before interest and tax of GH¢500 million per annum in anticipation of an immediate capital injection of GH¢2,000 million.
  • The Ordinary share capital should be written down to 200 million shares of GH¢1.00 each. In addition, they have agreed to provide the immediate capital injection.
  • The 20% preference shares are to be converted into 500 million ordinary shares valued at GH¢1 per share.
  • It is proposed for GH¢650 million of the 25% Debentures to be converted into ordinary shares at GH¢1 per share and the remainder to be converted into GH¢350 million 20% Debentures.
  • Accounts payables to accept immediate payment of 50% and a moratorium of six (6) months in payment of the remaining balance. New supplies would be paid for on delivery.
  • Property, plant and equipment are to be revalued at GH¢2,250 million, inventories at GH¢800 million, and Accounts Receivables at GH¢450 million.
  • The accumulated losses and intangible assets are to be written off.
  • The corporate tax rate is 25%.
  • Liquidation expenses will amount to GH¢10 million.

Required:
i) Prepare a Statement of Financial Position after reconstruction on the assumption that the capital injection took place. (6 marks)
ii) Compute the expected profit after tax and the earnings per share after the reconstruction. (2 marks)
iii) Prepare a statement of distribution if the company were to be liquidated now. (2 marks)
iv) Describe the steps the Directors of Kanzo Ltd should follow to appraise the proposed scheme of reconstruction with an emphasis on the interest of shareholders. (5 marks)

 

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  • 1 Marks

BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies what a corporate body in liquidation is disqualified from joining.

A corporate body in liquidation is disqualified from joining in the formation of _____________________.

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  • 2 Marks

BL – May 2021 – L1 – SB – Q2c – Company Law

Explanation of receivership as an alternative to company liquidation.

Receivership is an alternative to company liquidation.

Required:
Explain receivership.

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  • 5 Marks

BL – Nov 2023 – L1 – SB – Q5d – Company Law

Discusses the types of insolvency practitioners and the qualifications required to practice in Nigeria.

Corporate insolvency occurs when a company is unable to meet its financial obligations.

Required:
i. State TWO insolvency practitioners. (2 Marks)
ii. State THREE qualifications that an insolvency practitioner must possess. (3 Marks)

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  • 4 Marks

BL – Nov 2019 – L1 – SB – Q4a Contract Law

Conditions under which a company may be placed in receivership.

An insolvent company has several alternatives to liquidation.
Required:
State FOUR conditions under which a company may be placed in receivership. (4 Marks)

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  • 1 Marks

FA – May 2017 – L1 – SA – Q9 – Accounting for Inventories in Accordance with IAS 2

Identifies the appropriate valuation method during liquidation.

Which of the following valuation methods should be used when an entity is faced with liquidation?
A. Fair value
B. Historical cost
C. Current cost
D. Realisable value
E. Present value

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  • 20 Marks

FM – May 2019 – L3 – Q3 – Corporate Restructuring

Evaluate three strategic proposals for Pinko Ltd., including immediate liquidation, a take-over offer, and reorganization, to determine Able Bank's financial outcome.

ble Bank, on April 24, 2019, received the following statement of financial position prepared for its customers, Pinko Limited (PL):

Statement of financial position as at April 20, 2019

PL is a long-established company which traded profitably until a few years ago. Following the expiration of exclusive patent rights on a particularly profitable product line, results declined dramatically. Over the last twelve months, the company’s cash flow problems have steadily increased. The overdraft facility at present stands at N45m and carries a second charge on the company’s freehold property.

A meeting has been arranged to consider the company’s future. The above statement of financial position will be presented at the meeting and the following proposals will be discussed:

Proposals:

(a) Immediate liquidation of the company
In these circumstances, it is estimated that the freehold property would realize N65,000,000, the plant N21,000,000, the inventory N40,000,000, and the receivables would pay up in full. Preferential payables, included in the statement of financial position figure for payables, amounted to N27,000,000.

(b) Tayo Limited (TL) has made an offer to take over the entire business activities of PL
Under the terms of the offer, Able Bank would receive 80% of the balance due, but repayment would not be made until exactly one year from the date of the creditors’ meeting. No further interest would be considered to accrue on the balance due to Able Bank (AB) during the twelve-month period.

(c) Reorganization and capital reconstruction
The management of PL is planning a reorganization of the company’s activities which will restore profitability to reasonable levels almost immediately. The reorganization will be linked with a capital reconstruction scheme. Under this scheme:

  • The existing shareholders will be asked to accept two ₦1 shares in exchange for every five shares currently held.
  • The bank will be asked to accept 10,000,000 ₦1 shares as consideration for one-half of the present overdraft.
  • If this proposal is acceptable to creditors, the shareholders have indicated their willingness to take up a further 30,000,000 ₦1 shares for cash, and the balance remaining outstanding to the bank would be repaid from the proceeds of this issue.
  • The directors are confident that if this proposal is put into effect, profits of ₦40,500,000 per annum will be earned for the foreseeable future, of which two-thirds will be paid out as dividends and the remainder reinvested.

Notes:

  1. Assume that the bank earns 15% per annum on all its lending and that the amounts in the statement of financial position include interest that accrued to date.
  2. Assume, for convenience, that any adopted proposal would be implemented immediately with payments received immediately unless otherwise stated.
  3. Ignore expenses of realization and liquidation, and assume that no changes have occurred between April 20 and April 24, 2019.

Required:

a. Calculate the amounts which Able Bank would receive under each of the three proposals. (10 Marks)
b. Examine the relative financial merits of the proposals from the viewpoint of Able Bank. (10 Marks)

(Total: 20 Marks)

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  • 9 Marks

CR – Nov 2014 – L3 – SC – Q6b – Introduction to Corporate Reporting

Evaluate Luck & Co's financial position and recommend restructuring options to address going concern threats.

Scenario:
Luck & Co. has been making losses over the last few years. Its statement of financial position at 31 December, 2013, showed the following:

Statement of Financial Position as at 31 December, 2013

Assets N
Property, plant, and equipment 80,000
Inventory 20,000
Receivables 40,000
Total Assets 140,000
Equity and Liabilities N
Ordinary Capital 100,000
Retained Earnings (140,000)
Secured Loan Stock 100,000
Payables 80,000
Total Equity & Liabilities 140,000

On liquidation, the assets would realise the following:

Assets N
Property, plant, and equipment 30,000
Inventory 12,000
Receivables 36,000
Total Realisable Value 78,000

If the company continues to trade for the next four years, profit after charging N20,000 per annum as depreciation on the property, plant and equipment would be as follows:

Year Profit (N)
2014 4,000
2015 20,000
2016 26,000
2017 28,000
Total 78,000

Assume that there would be no surplus cash to settle the payables and loan stock holders until after four years when inventory and receivables could be realised at their book values.

Required:

Evaluate the financials and advise the management of Luck & Co on the options available to them and redraft the statement of financial position of Luck & Co after the exercise. (9 Marks)

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  • 1 Marks

AAA – Nov 2012 – L3 – AII – Q12 – Auditor’s Legal Liability

Identifies the type of creditors given priority in payment during a liquidation process.

The creditors given priority payment during a liquidation process are known as …………………. creditors.

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  • 15 Marks

FR – May 2015 – L2 – SB – Q7 – Consolidated Financial Statements (IFRS 10)

Identify and explain events after the reporting period, discuss treatment of liquidation and dividends under IAS 10.

(a) There is usually a lead time between the end of an entity’s accounting year and when the financial statements are approved and signed off by the directors. In between this period, there are two types of events according to IAS 10-Events After The Reporting Period, which may require consideration when preparing financial statements.

Required:
Identify and explain these events and state how they are treated in the financial statements. (4 Marks)

(b) Company A is indebted to company B to the tune of N50,000,000. The financial year-end of company B is 30 June 2014. On 30 July 2014, company B received a letter from a liquidator advising it that company A has gone into insolvency. The letter revealed that company A ceased operations a month ago and that company B is only likely to receive a liquidation dividend of 20k for every naira owed by company A. It is the normal practice of company B’s board to approve the audited financial statements three months after the financial year end.

Required:

  1. Explain how the above transactions should be treated in the financial statements of company B in accordance with IAS 10-Events After The Reporting Period. (2 Marks)
  2. Prepare journal entries that are required to adjust company B’s financial statements to account for the above event. (2 Marks)
  3. State what would have been the treatment in the financial statements assuming it was fire that destroyed company B’s factory building on 30 July 2014. (3 Marks)

(c) The directors of XYZ Plc declared that a dividend of N1 per ordinary share be paid to shareholders on the company’s register as at 15 April 2014. The financial statements were approved by the company’s board on 30 May 2014. The shareholders, at the company’s annual general meeting held on 15 June 2014, approved the payment of the dividend to eligible shareholders on 1 July 2014.

Required:
Explain how the dividend proposed by the Directors should be treated in the financial statements of XYZ Plc in accordance with IAS 10. (4 Marks)

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  • 15 Marks

CR – May 2021 – L3 – Q4a – Corporate Reconstruction for Kanzo Ltd

Prepare a statement of financial position and related computations after reconstruction or liquidation for Kanzo Ltd.

Kanzo Ltd (Kanzo) is a company located in the Savannah Region. The company was strategically located to produce cashew nuts and to take advantage of available tax incentives. However, the company has incurred trading losses for many years now. The Directors are considering the alternatives of liquidation and capital reduction. The company’s Statement of Financial Position as at 31 December 2020 is as follows:

Non-current assets GH¢’million
Property, plant and equipment 3,250
Patent 350
Total Non-current assets 3,600
Current assets GH¢’million
Inventories 1,000
Accounts receivables 500
Total Current assets 1,500
Total assets GH¢’million
Total Assets 5,100
Equity & Liabilities GH¢’million
Ordinary share capital (@GH¢1) 2,000
Retained earnings (750)
Total Equity 1,250
Non-Current liabilities GH¢’million
20% Preference shares 1,100
25% Debentures (unsecured) 1,000
Total Non-Current liabilities 2,100
Current liabilities GH¢’million
Accounts payables 1,000
Bank overdraft (secured on property, plant & equipment) 750
Total Current liabilities 1,750

| Total Equity & Liabilities | 5,100 |

Additional Information:

  • In the event of a forced sale, the assets would probably raise the following amounts:
Asset GH¢’million
Property, Plant and Equipment 1,500
Inventories 400
Accounts receivable 450
  • The company is developing a new product, expected to generate profit before interest and tax of GH¢500 million per annum in anticipation of an immediate capital injection of GH¢2,000 million.
  • The Ordinary share capital should be written down to 200 million shares of GH¢1.00 each. In addition, they have agreed to provide the immediate capital injection.
  • The 20% preference shares are to be converted into 500 million ordinary shares valued at GH¢1 per share.
  • It is proposed for GH¢650 million of the 25% Debentures to be converted into ordinary shares at GH¢1 per share and the remainder to be converted into GH¢350 million 20% Debentures.
  • Accounts payables to accept immediate payment of 50% and a moratorium of six (6) months in payment of the remaining balance. New supplies would be paid for on delivery.
  • Property, plant and equipment are to be revalued at GH¢2,250 million, inventories at GH¢800 million, and Accounts Receivables at GH¢450 million.
  • The accumulated losses and intangible assets are to be written off.
  • The corporate tax rate is 25%.
  • Liquidation expenses will amount to GH¢10 million.

Required:
i) Prepare a Statement of Financial Position after reconstruction on the assumption that the capital injection took place. (6 marks)
ii) Compute the expected profit after tax and the earnings per share after the reconstruction. (2 marks)
iii) Prepare a statement of distribution if the company were to be liquidated now. (2 marks)
iv) Describe the steps the Directors of Kanzo Ltd should follow to appraise the proposed scheme of reconstruction with an emphasis on the interest of shareholders. (5 marks)

 

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  • 1 Marks

BL – Nov 2013 – L1 – SA – Q12 – Company Law

Identifies what a corporate body in liquidation is disqualified from joining.

A corporate body in liquidation is disqualified from joining in the formation of _____________________.

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  • 2 Marks

BL – May 2021 – L1 – SB – Q2c – Company Law

Explanation of receivership as an alternative to company liquidation.

Receivership is an alternative to company liquidation.

Required:
Explain receivership.

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  • 5 Marks

BL – Nov 2023 – L1 – SB – Q5d – Company Law

Discusses the types of insolvency practitioners and the qualifications required to practice in Nigeria.

Corporate insolvency occurs when a company is unable to meet its financial obligations.

Required:
i. State TWO insolvency practitioners. (2 Marks)
ii. State THREE qualifications that an insolvency practitioner must possess. (3 Marks)

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  • 4 Marks

BL – Nov 2019 – L1 – SB – Q4a Contract Law

Conditions under which a company may be placed in receivership.

An insolvent company has several alternatives to liquidation.
Required:
State FOUR conditions under which a company may be placed in receivership. (4 Marks)

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  • 1 Marks

FA – May 2017 – L1 – SA – Q9 – Accounting for Inventories in Accordance with IAS 2

Identifies the appropriate valuation method during liquidation.

Which of the following valuation methods should be used when an entity is faced with liquidation?
A. Fair value
B. Historical cost
C. Current cost
D. Realisable value
E. Present value

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