- 1 Marks
AAA – Nov 2012 – L3 – SA – Q18 – Auditor’s Legal Liability
Identifying debtor categories exempt from bankruptcy declaration under Nigerian law.
Question
The following categories of debtors may be declared bankrupt (according to Bankruptcy Law in Nigeria) EXCEPT:
A. A debtor owing a liquidated sum of at least N2,000 (Two Thousand Naira only).
B. A debtor who has committed an act of bankruptcy within 3 months before presentation of bankruptcy petition.
C. Any debtor domiciled in Nigeria or who has carried on business in Nigeria by means of an agent or a manager.
D. A debtor that makes any conveyance or transfer of his property or any part thereof if he were adjudged bankrupt.
E. A debtor who transacts business in Nigeria and is able to meet his obligation as at when they fall due.
Find Related Questions by Tags, levels, etc.
- Tags: Bankruptcy Law, Debtors, Insolvency, Legal Liability, Nigeria Law
- Level: Level 3
- Topic: Auditor’s Legal Liability
- Series: NOV 2012
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