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NLS CORPORATE CAMA 2020 > DISSOLUTION OF COMPANIES > Flashcards

DISSOLUTION OF COMPANIES Flashcards

1
Q

What are the modes of winding up?

A

-Compulsory Winding up by the court
-Voluntary winding up by members or creditors
-Winding up subject to the supervision of the court

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2
Q

When can the COMPULSORY WINDING UP BY THE COURT happen? SUN-CDJ

A
  1. Special resolution to that effect
  2. Unable to pay its debts-The amount owed must not be contentious.
  3. Number of members is below the legal minimum
  4. Condition precedent-to the operation of the company has ceased to exist
  5. Failure to call statutory meeting within the allocated time(a shareholder can bring an action)
  6. Just and equitable grounds.
    SEC 571
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3
Q

qualifications of an insolvency practitioner?

A
  1. BRIPAN-Business Recovery and insolvency practitioners act of Nigeria
  2. ANAN-Association of National accountant of nigeria
  3. ICSAN-Institute of chartered secretaries and administration Nigeria.
  4. Legal practitioner
  5. institute of the chartered accountancy of nigeria
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NLS CORPORATE CAMA 2020 (12 decks)

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