It Is the Responsibility of the Directors of the Company

question 14

True/False

It is the responsibility of the directors of the company to realise the assets, and pass the proceeds to the liquidator to enable distributions to be made to creditors.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise when the other party has reasonably relied on that promise to their detriment.

Unilateral Contracts

Agreements in which one party makes a promise in exchange for the other party's performance, not a promise in return.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise if the other party has reasonably relied on that promise to their detriment.

Revocation

The act of withdrawing, repealing, or cancelling a right, permission, or contract.