B Com Exam > B Com Videos > Advanced Corporate Accounting > Liquidation of Companies - Problem 2
Liquidation of Companies - Problem 2 Video Lecture | Advanced Corporate Accounting - B Com
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FAQs on Liquidation of Companies - Problem 2 Video Lecture - Advanced Corporate Accounting - B Com
| 1. What is the process of liquidation of companies? |  |
Ans. Liquidation of companies refers to the process of winding up a company's affairs and distributing its assets to creditors and shareholders. This involves selling off the company's assets, paying off debts, and closing down the business.
| 2. What are the different types of liquidation? | |
Ans. There are two main types of liquidation: voluntary liquidation, which is initiated by the company's directors or shareholders, and compulsory liquidation, which is initiated by a court order usually due to insolvency.
| 3. How long does the liquidation process typically take? | |
Ans. The duration of the liquidation process can vary depending on various factors such as the size of the company, the complexity of its affairs, and the cooperation of stakeholders. It can take anywhere from a few months to several years to complete the process.
| 4. What happens to employees during the liquidation process? | |
Ans. Employees are typically considered preferential creditors in the liquidation process, meaning they have a higher priority in receiving outstanding wages and benefits compared to other creditors. However, if the company is insolvent, employees may not receive their full entitlements.
| 5. What are the consequences of liquidation for shareholders? | |
Ans. Shareholders are usually the last in line to receive any remaining assets after all creditors have been paid. In most cases, shareholders may not receive any returns from the liquidation process if there are insufficient assets to cover their claims.
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Dec 23, 2024 Last updated |
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