“Many businesses at some point are faced with the decision to liquidate or wind up the operation of its business or business units”
a. Explain the term ‘winding up’ or ‘liquidation’? (6 marks)
b. Outline and explain FOUR (4) grounds on which a company can wind up under an order of the court. (18 marks)
- Explain the term “lifting the veil of incorporation” with the use of a case law. (7 marks)
- With the case of Salomon v. Salomon (1897) and Macaura v Northern Assurance Co, explain the concept of Corporate Persona otherwise known as Separate Legal Personality.
- Identify THREE ways a floating charge can be crystallise. (9 marks)
- Explain, as it relates to floating charge as security, the main advantages of having trustees when entering into a trust deed to lend money to a company. In your explanation be sure to mention at least THREE factors to take into consideration when outlining the contents of the trust deed. (12 marks)
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