Tag (SQ): Insolvency
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- 20 Marks
BCL – L1 – Q100 – Legal implications relating to companies in difficulty or in crisis
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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BCL – L1 – Q99 – Legal implications relating to companies in difficulty or in crisis
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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BCL – L1 – Q97 – Legal implications relating to companies in difficulty or in crisis
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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BCL – L1 – Q96 – Legal implications relating to companies in difficulty or in crisis
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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