Exam 20: Managing a Business: Closing Down

A liquidator can reverse a transaction entered into by a company if it is a voidable transaction.However, there will be no obligation on the part of the payee under such a transaction to repay money to the liquidator if the transaction was:

What is the legal effect of the core business of the partnership business becoming illegal?

What is a 'Part IX debt agreement'?

A retiring partner's liability for debts of the partnership is limited to:

After a sequestration order has been made the trustee in bankruptcy does not have an obligation to:

A Court does not have the power dissolve a partnership on the grounds of:

Receivership:

Which of the following can be declared bankrupt?

The process in which a trustee is appointed to sell an individual's assets to repay their debts is called:

Before a company can be would up by its shareholders, its directors must make a declaration of solvency.This is a declaration that:

A 'bankruptcy notice' is:

A person who is unable to pay their debts as and when they fall due is:

When a bankrupt's assets are distributed amongst their creditors, which of the following groups of people are paid last?

On being made bankrupt, all the bankrupt person's assets will automatically vest in:

When a business goes into receivership:

The Official Receiver of a bankruptcy district is not responsible for:

The liability of incoming partners for partnership debts is limited to:

Another name for liquidation is:

What is the role of the trustee in bankruptcy?

A company can be wound up voluntarily by its: