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

Test: Voluntary (Part -1&2) - Winding Up - B Com MCQ


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10 Questions MCQ Test Company Law - Test: Voluntary (Part -1&2) - Winding Up

Test: Voluntary (Part -1&2) - Winding Up for B Com 2024 is part of Company Law preparation. The Test: Voluntary (Part -1&2) - Winding Up questions and answers have been prepared according to the B Com exam syllabus.The Test: Voluntary (Part -1&2) - Winding Up MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Voluntary (Part -1&2) - Winding Up below.
Solutions of Test: Voluntary (Part -1&2) - Winding Up questions in English are available as part of our Company Law for B Com & Test: Voluntary (Part -1&2) - Winding Up solutions in Hindi for Company Law course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Voluntary (Part -1&2) - Winding Up | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Company Law for B Com Exam | Download free PDF with solutions
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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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 for Test: Voluntary (Part -1&2) - Winding Up - 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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