Which of the Following Statements Is Not True of 'Voluntary

question 52

Multiple Choice

Which of the following statements is not true of 'voluntary administration' under the Corporations Act 2001?

• A)It refers to a voluntary winding up by a company's shareholders.
• B)It provides the company a temporary 'safety zone' away from creditors.
• C)It commences when an administrator is appointed.
• D)It is an alternative to liquidation.

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Definitions:

Express Repudiation

The clear and unequivocal refusal to fulfill one's duties or obligations under a contract.

Specific Performance

A legal remedy requiring a party to execute a contract according to its precise terms, often applied in cases where monetary damages are insufficient.

Monetary Judgement

A legal determination requiring a party to pay a specified sum of money to another.

Express Repudiation

The explicit rejection or refusal to fulfill a duty or obligation set forth in a contract.