CAF-7 | Ch-12 | Introduction to Winding up

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CAF-7 Company Law Quiz offered for the ICAP CA students.

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Question 1 of 10

1. Question
1 points

Category: CAF7
The winding-up of a company may be:
- Voluntary
- Voluntary subject to the supervision of the Court
- Compulsory by the Court
- Any of the above
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Question 2 of 10

2. Question
1 points

Category: CAF7
A company may be wound up by the Court if the company has made a default in filing with the registrar:
- Its financial statements and annual returns for immediately preceding two consecutive financial years.
- Its financial statements or annual returns for immediately preceding two consecutive financial years.
- Its financial statements or annual returns for three consecutive financial years.
- its financial statements or annual returns for Immediately preceding three consecutive financial years.
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Question 3 of 10

3. Question
1 points

Category: CAF7
The promotion or the carrying on of any scheme or business shall not be deemed to be an unlawful activity:
- The scheme involves raising unauthorised deposits from the general public indulging in referral marketing, multi-level marketing (MLM), Pyramid and Ponzi Schemes.
- The scheme involves raising deposits from the general public against the issue of securities of a body corporate to the public after due approval of the prospectus.
- A scheme whereby, in return for a deposit of a sum of money in cash or by means of coupons, any right or benefit, determined by chance, is assured or promised.
- A scheme or any other business activity notified by the Commission to be against public policy or a moral hazard.
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Question 4 of 10

4. Question
1 points

Category: CAF7
In which of the following situations, a company shall be deemed to be unable to pay its debts:
- If a creditor of Rs. 5 million duly made a demand requiring the company to pay the sum so due and the company has for 21 days thereafter neglected to pay/secure/compound the sum.
- If a creditor of Rs. 5 million duly made a demand requiring the company to pay the sum so due and the company has for 30 days thereafter neglected to pay/secure/compound the sum.
- If a creditor of Rs. 75,000 duly made a demand requiring the company to pay the sum so due and the company has for 21 days thereafter neglected to pay/secure/compound the sum.
- If a creditor of Rs. 75,000 duly made a demand requiring the company to pay the sum so due and the company has for 30 days thereafter neglected to pay/secure/compound the sum.
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Question 5 of 10

5. Question
1 points

Category: CAF7
In which of the following situations, a contributory shall be entitled to present a petition for winding up a public company:

(i) the number of members is reduced below three.

(ii) the shares in respect of which he is contributory have devolved on him through the death of a former holder.
- (i) only
- (ii) only
- Neither (i) nor (ii)
- Both (i) and (ii)
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Question 6 of 10

6. Question
1 points

Category: CAF7
The Commission shall be entitled to present a petition for the winding-up of a company without an investigation into the affairs of the company:
- If the company is carrying on a business not authorised by its memorandum.
- If the sole business of the company is the licensed activity and that licence is revoked.
- If the business of the company is being conducted in a manner oppressive to any of its members or persons concerned in the formation of the company
- The management of the company might be guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members
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Question 7 of 10

7. Question
1 points

Category: CAF7
A winding up of a company by the Court shall be deemed to commence:
- On the date of winding up order by the Court and not earlier.
- After a period of 7 days from the date of winding up the order.
- After a period of 30 days from the date of winding up the order.
- At the time of the presentation of the petition for the winding up.
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Question 8 of 10

8. Question
1 points

Category: CAF7
The articles of association of PQR Limited state that the company should be dissolved after completion of a metro transportation project and handing it over to relevant authorities. The project has recently been completed, became operational and relevant authorities have taken control of it and issued a certificate in this regard. In order to effect voluntary winding up of PQR Limited:
- The board of directors need to pass a resolution in the board meeting.
- An ordinary resolution in the general meeting is required.
- A special resolution in the general meeting is required.
- Approval from the Commission is required.
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Question 9 of 10

9. Question
1 points

Category: CAF7
Which of the following statement is correct in relation to the appointment of an official liquidator?
- A person shall not be appointed as a provisional manager or official liquidator of more than five companies at one point in time.
- For the purpose of the winding-up of companies by the Court, the Commission shall maintain a panel of persons from whom the Court shall appoint a provisional manager or official liquidator of a company ordered to be wound up.
- Where a provisional manager is appointed by the Court, he shall always have the same powers as a liquidator.
- An official liquidator may resign or quit his office before the conclusion of the liquidation proceedings by giving 30 days’ notice to the Court.
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Question 10 of 10

10. Question
1 points

Category: CAF7
A provisional manager was appointed on 24th October 2021 and a winding up order was issued by the Court on 3 January 2022, from whom he cannot require the statement (of affairs) in the prescribed form?
- General Manager (operations) whose last day of employment with the company was 26 December 2020.
- Chief Operating Officer whose last day of employment with the company was 12 January 2021.
- Senior Manager (logistics) whose last day of employment with the company was 18 February 2021.
- Chief Financial Officer whose last day of employment with the company was 30 September 2020.
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