What is the main purpose of liquidation or winding up of a company?

To distribute the company's assets among its shareholders.

To revive and rehabilitate a sick company.

To merge with another company for increased profitability.

To convert the company's assets into cash for operational purposes.

In which situations can a company be wound up by the Tribunal according to the Companies Act, 2013?

If the company wants to merge with another company.

If the company has failed to file financial statements for three consecutive years.

If the company is unable to pay its debts.

If the company wants to change its business structure.

Who is a "contributory" in the context of company liquidation?

A person who contributes to the company's social activities.

A person who is responsible for contributing to the company's charitable donations.

A person liable to contribute to the assets of the company in the event of winding up.

A person who contributes to the company's annual financial statements.

In the context of liquidation, who is responsible for realizing the company's assets, paying its debts, and distributing the surplus among members?

An Official Liquidator appointed by the Tribunal.

A voluntary liquidator appointed by the company's management.

Which statement is true regarding the liquidator's remuneration in the process of winding up?

The liquidator's remuneration is fixed and not subject to any calculations.

The liquidator's remuneration is solely based on the number of years they have been involved in the winding up process.

The liquidator's remuneration is calculated as a percentage of assets realized and payments made to unsecured creditors.

The liquidator is not entitled to any remuneration in a voluntary winding up scenario.

What is the purpose of the Liquidator's Final Statement of Account?

To provide an overview of the company's financial performance in its last year of operation.

To showcase the liquidator's qualifications and achievements during the winding up process.

To list all the shareholders and their contributions to the company.

To document the liquidator's activities, including asset realization and debt payments, for the winding up process.

What is the difference between a present member and a past member in the context of contributories?

Present members are individuals who are currently employed by the company, while past members are former employees.

Present members have contributed more to the company's assets, while past members have contributed less.

Present members are liable to contribute unpaid amounts on shares, while past members are exempt from such liability.

Present members have voting rights in winding up decisions, while past members do not.

What is the purpose of the Liquidator's remuneration in the winding up process?

To compensate the liquidator for their efforts in asset realization and debt payments.

To cover the legal charges incurred during the winding up process.

To provide additional funds for the company's future operations.

To distribute among the shareholders as a part of the final surplus.

What is the main purpose of preparing a Liquidator's Final Statement of Account?

To showcase the financial performance of the company in its final year of operation.

To document the liquidator's qualifications and achievements during the winding up process.

To distribute the remaining assets among the shareholders.

To provide a record of the liquidator's activities, including asset realization and debt payments, for the winding up process.

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