Subject (SQ): BUSINESS AND CORPORATE LAW
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- 20 Marks
Discuss issuing certificates to debenture holders, stages of involuntary liquidation, and characteristics of a floating charge.
Question
Kwame Asare believes that debenture holders, though not being shareholders, deserve to be issued certificates. This is because, without their funds, the company cannot survive.
Required:
Explain if you agree or disagree with Kwame Asare on his view on the issue of certificates to debenture holders.
(a) Identify FOUR (4) stages of involuntary liquidation and explain the consequence of each stage identified.
(b) Explain THREE (3) characteristics of a floating charge.
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- 20 Marks
Circumstances under which a court may order a company's winding up.
Question
(a). Discuss the circumstances under which a court will order a winding up of a company?
(b). Under what circumstances is a company deemed unable to pay its debts?
(c). Can the Attorney-General cause a company to wind up at a press conference?
(d). Briefly explain: mergers, insolvency, and amalgamation.
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- 20 Marks
Discuss five duties and five powers of a liquidator under Act 180.
Question
(a) Discuss any five duties and five powers of the liquidator under Bodies Corporate (Official Liquidations) Act, 1963 (Act 180).
(b) State and explain five reasons for mergers and acquisitions.
(c) State the modes of official winding up and indicate those who can petition the court for winding up.
(d) Explain fully the process of private liquidation.
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- 20 Marks
State the two types of winding up under the Companies Act.
Question
(a) State the two types of winding up.
(b) Giving examples, indicate the role(s) of the registrar, if any, in winding up of a company.
(c) What are the rights of minority on acquisition of a subsidiary company?
(d) Explain the contents of ‘Statement of Affairs’ as required to be submitted to the liquidator.
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- 20 Marks
Differentiate between receiver and liquidator, and winding up and dissolution.
Question
(a) Briefly differentiate between the following:
(i) Receiver and liquidator
(ii) Winding up and dissolution
(b) Kwame is the Finance Director of Golden Enterprises Limited, an insolvent company whose creditors have applied to the court to appoint a receiver. Kwame wants to be appointed as a receiver since he is very much vested with the details of the company and feels better placed to deal with the creditors than any new person. Alternatively, his consultancy company, Grace Consult, should be appointed as a receiver.
What is your view?
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- 20 Marks
Assess if selling all assets can cover liabilities for a struggling radio station.
Question
Kofi Amo set up a radio station, Amo FM, investing GH¢10,000 initial capital. After some years, the business is not successful. At the end of the fifth year, furniture and fixtures were worth GH¢5,000; the delivery van was valued at GH¢2,000, and Kofi lived in a small flat valued at GH¢50,000, which he owns. This house was mortgaged from Apex Finance, with an outstanding balance of GH¢40,000 to pay off the mortgage.
Now the business has hit hard times: rent for the office location has increased, and Kofi owes the landlord GH¢10,000; workers have not been paid for months, with salary arrears of GH¢7,000; the bank overdraft is GH¢15,000, and the bank has refused to extend it; Kofi has received a demand from the National Communication Authority to renew the license for GH¢8,000.
(a) If all of your assets were sold off, would you be able to meet all of your liabilities?
(b) What options do your creditors have? Is your home safe?
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