Corporate Prep Test

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Corporate Prep Test

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Practice questions covering modes of winding up, liquidator’s role, procedure, and legal consequences.

Liquidation & Winding Up- Practice 1

1 / 50

The order of dissolution can be issued only by the____________

2 / 50

____________carries out the winding up proceedings.

3 / 50

A voluntary winding up means winding up by

4 / 50

The object of winding up of a company by the Tribunal is.

5 / 50

As per Sec.488, Declaration of Solvency of company by the Directors in the case of voluntary winding up may be made within.

6 / 50

One of the following is the instance where the just and equitable clause for winding up can be adopted by the Tribunal.

7 / 50

In the event of Company being wound up the Tribunal shall prepare list of contributories into.

8 / 50

A voluntary winding up is deemed to commence from the date when the declaration of solvency is made by the _______________

9 / 50

official liquidator is appointed by the_____

10 / 50

A public company may be wound up by the Tribunal if the number of its members is reduced below _____

11 / 50

A company has to submit a statement of affairs to the Official Liquidator within ____ days of the appointment of the official liquidator.

12 / 50

Company may be wound up by the Tribunal by passing __________Resolution.

13 / 50

After obtaining of certificate to commence business a company may be wound up if it does not commence business within ___________

14 / 50

When a winding up order has been made by the tribunal but there is no liquidator, the property of the company vests in the__________

15 / 50

On a winding up order being made in respect of a company, the official Liquidator shall, become the ___________of the company.

16 / 50

A person liable to contribute towards the assets of the company on the event of its being wound up is a_______

17 / 50

In case of a company limited by guarantee, the liability of the members can be enforced

18 / 50

Company Liquidator, in so far as it relates to the winding up of a company, means a person appointed by—

19 / 50

If the transferor company is dissolved, the fee, if any, paid by the transferor company on its authorized capital shall _______ set-off against any fees payable by the transferee company on its authorized capital subsequent to the amalgamation.

20 / 50

Where a company has been dissolved, Tribunal may at any time within ______years of the date of dissolution, on application by CL of company, make an order that dissolution is void & such proceedings may be taken as if the company has not been dissolved.

21 / 50

__________ shall be deemed as the commencement date of winding up:

22 / 50

Petition for Winding Up to Tribunal can be made by:

23 / 50

Directors in respect of which winding-up order is passed by Tribunal u/s273(1) shall within...........days of such order submit BOA of the company to such liquidator.

24 / 50

Floating charge on the property created within ..........months immediately preceding the commencement of winding up shall be invalid.

25 / 50

All suits or legal proceedings shall stay on winding up order except proceeding pending in appeal before:

26 / 50

Property can be sold for…….after winding-up order is passed.

27 / 50

Official liquidator shall be appointed by:

28 / 50

Official Liquidator shall dispose of all assets within ….. days of his appointment.

29 / 50

Within how many days the Tribunal is required to pass an order under section 273:

30 / 50

Company may not be wound up by tribunal:

31 / 50

On appointment as provisional liquidator or Company Liquidator, as the case may be, such liquidator shall file a declaration within....... days from the date of appointment in the prescribed form disclosing a conflict of interest or lack of independence in respect of his appointment:

32 / 50

Money in the Company Liquidation Dividend & Undistributed Assets a/c, if remained unpaid/unclaimed for ................ years & be transferred to.................

33 / 50

If, in the course of winding up of company, it appears that business has been carried with intent to defraud creditors/another person for any fraudulent then on application by……………to Tribunal, it shall examine & pass orders to declare any person liable without limitation & be personally liable.

34 / 50

In case of offences by officers of the company in liquidation, such officer shall be punishable with a fine of minimum Rs.................& maximum Rs...................

35 / 50

Being an artificial person, a company cannot die irrespective of the fact that its members, even the founders or subscribers to the Memorandum, may die or go out of it.

36 / 50

The existence of a company can be terminated only by law.

37 / 50

No member can either individually or jointly claim any ownership rights in the assets of company during its existence or on its winding up.

38 / 50

Section __________ of the Cooperative Societies Act, 1912 deals with winding up provisions.

39 / 50

Partnership firms, whether registered or not under section 59 of the Indian Partnership Act, 1932 shall get covered under the ambit of __________ of the Insolvency & Bankruptcy Code.

40 / 50

________ of Insolvency & Bankruptcy Code provides for insolvency resolution and bankruptcy for individuals and partnerships firms.

41 / 50

If the company goes for voluntary winding up, application shall be made under Section __________ of the Insolvency & Bankruptcy Code.

42 / 50

If the company is being wound up due to inability to pay, application shall be made under sections _________ of the Insolvency and Bankruptcy Code.

43 / 50

Voluntary winding up (i.e., sections ________ of the Act, 2013) has been shifted from the Act, 2013 to the insolvency & Bankruptcy Code (i.e., Section __________) of the Code.)

44 / 50

Winding up by the Tribunal has been provided under ________

45 / 50

Voluntary winding up for corporate persons has been provided under __________

46 / 50

Winding up due to the inability to pay has been provided under _____

47 / 50

The dissolution order is a _________ for the company.

48 / 50

When the affairs of the company have been completely wound up, the liquidator shall make an application to the Tribunal for _______ of the company.

49 / 50

The expression __________ brings end to the process of winding up / liquidation.

50 / 50

_________ is a process of ending all the business affairs of the company and liquidation is referred to selling off the assets of the company.

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