A Legal Document Used in a Member's Voluntary Winding- Up

question 17

Multiple Choice

A legal document used in a member's voluntary winding- up to declare that the company is able to pay its debts in full is referred to as a/an:

• A)constitution
• B)declaration of solvency
• C)declaration of liquidation
• D)none of the above

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Definitions:

Express Agreement

A clear and unambiguous mutual understanding or contract between parties, typically in written or spoken form, regarding the terms of their arrangement.

Legal Rules

These are principles or directives enacted by a governing body that regulate behavior and are enforceable by the imposition of penalties for violations.

Commission

A fee paid to an agent or employee for transacting a sale, calculated as a percentage of the sale price.

Quota

A predetermined limit on the amount of goods that can be imported or produced within a set period.