- 1 Marks
Question
A company is said to be insolvent when it is unable to pay its debts within three weeks after a written demand for the payment of an amount of money exceeding
A. ₦1,500
B. ₦2,000
C. ₦5,000
D. ₦7,500
E. ₦10,000
Answer
Answer:
C. ₦5,000
Explanation:
Under Nigerian law, a company is considered insolvent if it fails to settle a debt of more than ₦5,000 within three weeks of receiving a written demand for payment.
- Tags: Business Obligations, Debt Repayment, Insolvency
- Level: Level 1
- Topic: Business Ethics and Corporate Governance
- Series: MAY 2016
- Uploader: Kwame Aikins