In which circumstances can the Court appoint the official liquidator provisionally?

After the final winding up order

Before the presentation of the winding up petition

After the presentation of the winding up petition but before the winding up order

After the dissolution of the company

What is the primary duty of the liquidator in winding up the company?

To maximize profits for the shareholders

To distribute company assets equally among creditors

To conduct proceedings in a fair and impartial manner

To minimize tax liabilities for the company

What is the purpose of the Committee of Inspection in a winding up process?

To oversee the official liquidator's actions

To make all financial decisions for the company

To represent the shareholders' interests

To act as the legal representative of the company

When does a company's corporate existence come to an end during the winding up process?

Upon the appointment of the official liquidator

Upon the presentation of the winding up petition

Upon the making of the final winding up order

Upon the submission of the Statement of Affairs

What is the significance of the statement of affairs submitted by the company during winding up?

It outlines the personal details of the company's directors

It provides a summary of the company's annual financial statements

It details the company's assets, liabilities, creditors, and debtors

It lists the names of the shareholders and their shareholdings

What powers can a liquidator exercise without the sanction of the Court?

Selling company assets through public auction only

Approving any financial transactions

Drawing and endorsing financial instruments

Instituting legal proceedings on behalf of the company

What action can the Central Government take if a liquidator fails to perform his duties properly during winding up?

Issue a warning to the liquidator

Audit the company's financial records

Appoint a new liquidator for the company

Offer financial assistance to the liquidator

What happens to the company's property when there is no official liquidator appointed yet?

It is transferred to the Central Government

It remains in the custody of the Court

It is distributed among the creditors

It is sold to pay off company debts

What is the purpose of the preliminary report submitted by the liquidator to the Court?

To provide an estimate of the company's remaining assets

To outline the reasons for the company's failure

To seek directions for further investigation

To propose a plan for reviving the company

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