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Liquidation of company (liquidator final statement of account) Video Lecture - Commerce
FAQs on Liquidation of company (liquidator final statement of account) Video Lecture - Commerce
| 1. What is the purpose of a liquidator's final statement of account? |  |
Ans. The purpose of a liquidator's final statement of account is to provide a comprehensive summary of the financial affairs and transactions of a company during the liquidation process. It outlines the assets, liabilities, and expenses incurred, as well as the distribution of funds to creditors and shareholders.
| 2. How is a liquidator's final statement of account prepared? | |
Ans. A liquidator's final statement of account is prepared by the appointed liquidator of the company. They gather all relevant financial records, including bank statements, invoices, and contracts, and analyze them to determine the company's financial position. The statement is then compiled, detailing all income, expenses, and distributions made during the liquidation process.
| 3. What information is typically included in a liquidator's final statement of account? | |
Ans. A liquidator's final statement of account usually includes details such as the opening and closing balances of the company's assets and liabilities, a breakdown of the company's income and expenses, a summary of any distributions made to creditors and shareholders, and any outstanding debts or claims.
| 4. How does a liquidator distribute funds to creditors and shareholders? | |
Ans. The liquidator follows a specific order of priority when distributing funds to creditors and shareholders. Secured creditors, such as banks with mortgages or liens on assets, are paid first. Then, preferential creditors, including employees and certain tax authorities, are paid. Finally, any remaining funds are distributed among the unsecured creditors and shareholders, usually on a pro-rata basis.
| 5. What happens after the liquidator's final statement of account is prepared? | |
Ans. After the preparation of the liquidator's final statement of account, it is submitted to the relevant authorities, such as the court or regulatory bodies, for review and approval. Once approved, the liquidator will proceed with the final steps of the liquidation process, which may include closing bank accounts, deregistering the company, and distributing any remaining assets or funds to the creditors and shareholders.
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Nov 14, 2024 Last updated |
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