When can the Registrar of Companies file a winding up petition without prior approval?

When the company fails to hold its statutory meeting.

When the company fails to commence business within a year.

When the company has insufficient assets to meet liabilities.

When the company has a majority of hostile shareholders.

What is the primary distinction between winding up and dissolution of a company?

Winding up involves the distribution of assets to shareholders, while dissolution does not.

Winding up is a process that precedes dissolution, where the company's legal entity still exists.

Winding up is initiated by the Registrar, while dissolution is initiated by the creditors.

Winding up involves legal proceedings, while dissolution involves administrative procedures.

What is the consequence of a winding up order in terms of legal proceedings against the company?

All legal proceedings against the company are automatically stayed.

Legal proceedings can continue only with the approval of the Court.

Legal proceedings can continue without any restrictions.

Legal proceedings are transferred to a different jurisdiction.

In which situation can a company be wound up by the Court based on "just and equitable" grounds?

When the company has substantial assets and liabilities.

When the company has a large number of creditors.

When the company's business becomes illegal.

When the company has a significant market share.

What is the role of the Official Liquidator in the winding up process?

To sell the company's assets to creditors.

To administer the company's property for the benefit of creditors and members.

To appoint the liquidator for the company.

To review the company's financial statements.

What is the primary purpose of winding up a company?

To initiate legal proceedings against the company.

To dissolve the company and distribute its assets.

To merge the company with another business entity.

To restructure the company's debts and liabilities.

Under what circumstances can a company be deemed unable to pay its debts?

When a creditor demands a payment of any amount.

When the company's assets exceed its liabilities.

When a creditor demands payment of at least Rs. 500 and the company neglects to pay for three weeks.

When the company's business is temporarily suspended.

Under what circumstances can a "contributory" of a company present a petition for winding up?

When the number of members exceeds 7.

When the company's assets are significantly greater than its liabilities.

When the shares have been registered in the contributory's name for at least six months.

When the contributory holds debentures of the company.

In which scenario can a winding up order be based on the grounds of "reduction of membership"?

When the company has more than 7 members.

When the company has fewer than 2 members.

When the company's directors are unable to reach an agreement.

When the company's share prices have significantly decreased.

What is the effect of an order for winding up on legal actions against the company?

All legal actions are permanently barred against the company.

Legal actions can proceed normally without any restrictions.

Legal actions can proceed only with the approval of the company's shareholders.

Legal actions can proceed only with the leave of the Court.

Concept and Modes - Winding Up Free MCQ Practice Test with Solutions

	Company Law 81 docs\|44 tests

	Company Law 81 docs\|44 tests

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