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Liquidation: Quiz

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Question 1: In ________, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company redistributed.
ShariaLawScots lawXeer

Question 2: In some legal systems, in appropriate cases, the liquidator may be able to bring an action against errant directors or shadow directors for either ________ or fraudulent trading.
Wrongful tradingTrading while insolvent (UK)United Kingdom insolvency lawLiquidation

Question 3: the company was incorporated as a ________, and has not been issued with a trading certificate (or equivalent) within 12 months of registration
Statutory corporationPublic companyGovernment agencyGovernment-owned corporation

Question 4: Before the claims are met, secured creditors are entitled to enforce their claims against the assets of the company to the extent that they are subject to a valid ________.
BankruptcySecurity interestFloating chargeLien

Question 5: The main purpose of a liquidation where the company is ________ is to collect in the company's assets, determine the outstanding claims against the company, and satisfy those claims in the manner and order prescribed by law.
InsolvencyDebtBond (finance)Bankruptcy

Question 6: The process of liquidation also arises when customs, an authority or agency in a ________ responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry.
CountryScotlandUnited KingdomEngland







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