Dissolution and liquidation of business units - Jamb Commerce Past Questions and Answers

Question 11:

• JAMB 2001

Entrusting the management of a company to the courts to enable the settlement of the company’s obligations is an indication of?

A. Distress
B. Closure
C. Bankruptcy
D. Liquidation

Question 12:

• JAMB 2003

In the event of the liquidation of a company, the first to be settled are?

A. Debenture holders
B. Members of the board
C. Preference shareholders
D. Ordinary shareholders

Question 13:

• JAMB 2011

In the event of voluntary liquidation, the appointed of a liquidator is the responsibility of the?

A. Directors
B. Creditors
C. Promoters
D. Court

Question 14:

• JAMB 2012

In case of a liquidation of a public limited liability company, those that are first paid are

A. Ordinary shareholders
B. Prefernce shareholders
C. Cumulative preference shareholders
D. Debenture holders

Question 15:

• JAMB 2016

The winding up of a firm by a resolution of its shareholders is an example of

A. Voluntary liquidation
B. Bankruptcy
C. Recession
D. Involuntary liquidation