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B Com Exam  >  B Com Test  >  Company Law  >  Test: Voluntary (Part -1&2) - Winding Up - B Com MCQ

Voluntary (Part -1&2) - Winding Up Free MCQ Practice Test with solutions,


MCQ Practice Test & Solutions: Test: Voluntary (Part -1&2) - Winding Up (10 Questions)

You can prepare effectively for B Com Company Law with this dedicated MCQ Practice Test (available with solutions) on the important topic of "Test: Voluntary (Part -1&2) - Winding Up". These 10 questions have been designed by the experts with the latest curriculum of B Com 2026, to help you master the concept.

Test Highlights:

  • - Format: Multiple Choice Questions (MCQ)
  • - Duration: 10 minutes
  • - Number of Questions: 10

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Test: Voluntary (Part -1&2) - Winding Up - Question 1
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What is the key characteristic of a voluntary winding up?

Detailed Solution: Question 1

In a voluntary winding up, creditors and members can settle the company's affairs without the intervention of the Court. This allows them to take control and manage the winding up process on their own terms.

Test: Voluntary (Part -1&2) - Winding Up - Question 2
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When does a voluntary winding up commence?

Detailed Solution: Question 2

A voluntary winding up is deemed to commence at the time when the resolution for winding up is passed by the company.

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Test: Voluntary (Part -1&2) - Winding Up - Question 3
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Who is responsible for the realization and distribution of the company's assets in voluntary winding up?

Detailed Solution: Question 3

In voluntary winding up, the possession of the company's assets vests in the appointed liquidator, who is responsible for realizing and distributing the assets among creditors and contributories.

Test: Voluntary (Part -1&2) - Winding Up - Question 4
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What happens to a company's business operations during voluntary winding up?

Detailed Solution: Question 4

During voluntary winding up, the company's business operations cease, except for activities required for the beneficial winding up process.

Test: Voluntary (Part -1&2) - Winding Up - Question 5
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When is a members' voluntary winding up initiated?

Detailed Solution: Question 5

A members' voluntary winding up takes place when the company is solvent, and it is initiated by the members themselves. The company must be able to pay its debts in full within a specified period.

Test: Voluntary (Part -1&2) - Winding Up - Question 6
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What is a declaration of solvency in voluntary winding up?

Detailed Solution: Question 6

A declaration of solvency is a statement made by the directors that the company has no debts or will be able to pay its debts in full within a specified period. It includes a statement of the company's assets and liabilities.

Test: Voluntary (Part -1&2) - Winding Up - Question 7
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In a creditors' voluntary winding up, who can appoint the liquidator?

Detailed Solution: Question 7

In a creditors' voluntary winding up, both the creditors and the members at their respective meetings can nominate a person to be the liquidator.

Test: Voluntary (Part -1&2) - Winding Up - Question 8
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What role does the committee of inspection play in creditors' voluntary winding up?

Detailed Solution: Question 8

The committee of inspection in a creditors' voluntary winding up has the authority to fix the remuneration to be paid to the liquidator.

Test: Voluntary (Part -1&2) - Winding Up - Question 9
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What action is required if a vacancy occurs in the office of a liquidator in voluntary winding up?

Detailed Solution: Question 9

In case of a vacancy in the office of a liquidator, creditors in a general meeting of creditors can fill the vacancy.

Test: Voluntary (Part -1&2) - Winding Up - Question 10
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When does a company in voluntary winding up dissolve?

Detailed Solution: Question 10

A company in voluntary winding up dissolves after its affairs are fully wound up, the liquidator makes up the account of winding up, and the final meeting is held with a report of how the winding up was conducted.

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About this B Com Practice Test

This test contains 10 MCQs on Voluntary (Part -1&2) - Winding Up with detailed solutions for each question. It is part of the Company Law course on EduRev, designed to align with the current B Com syllabus. Each solution explains not just the correct answer but also gives you an understanding of the topic — not just to attempt the question but also help you prepare for the exam with practice.

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