Question 1 a. Explain the fiduciary duties and duties of skill and care owed by directors. (15 marks) b. Explain two (2) ways a director may be disqualified. (10 marks) (Total 25 marks) Question 2 "Many businesses at some point is faced with the decision to liquidate or wind up the operation of its business or business units" a. Define winding up and liquidation. (5 marks) b. Outline and explain three (3) grounds on which a company can wind up under an order of the court? (15 marks) C. Outline the ranking of claims? (5 marks) (Total 25 marks) Question 3 Briefly explain any five (5) of the following. (At least one paragraph each) i. Public company ii. Private company iii. A Company Limited by Guarantee iv. Perpetual succession V. Auditors duties