1.

A liquidator must distribute the company's assets in a prescribed order. Which ONE of the following states the correct order for distribution?

Group of answer choices

Liquidation expenses, preferential debts, debts secured by floating charge, unsecured debts, deferred debts, surplus to members.

Debts secured by fixed charge, preferential debts, liquidation expenses, debts secured by floating charge, unsecured debts, deferred debts, surplus to members

Debts secured by fixed charge, debts secured by floating charge, preferential debts, liquidation expenses, unsecured debts, deferred debts, surplus to members.

Liquidation expenses, preferential debts, debts secured by fixed charge, debts secured by floating charge, unsecured debts, deferred debts, surplus to members.

2.

Which ONE of the following statements describes the difference between a members' voluntary winding up and a creditors' voluntary winding up

Group of answer choices

A creditors' voluntary winding up is commenced by the creditors, whereas a members' voluntary winding up is commenced by the members.

If a majority of the directors make a declaration of solvency, the winding up will be a members' voluntary winding up. If no such declaration is made, it will be a creditors' voluntary winding up.

A members' voluntary winding up is commenced by passing a special resolution, whereas a creditors' voluntary winding up does not require a special resolution.

3.

At which point does a members' voluntary liquidation commence?

As soon as the Registrar receives a copy of the resolution to liquidate the company

As soon as the members pass the necessary resolution

As soon as the liquidator is appointed

As soon as the directors authorise it after the resolution to liquidate the company is passed