- 1 Marks
BL – May 2022 – L1 – SA – Q6 – Company Law
Define when a company is said to be insolvent.
Question
A company is said to be insolvent when the
A. Company is in a financial distress and it is unable to pay its debt
B. Board of directors has refused to act
C. Managing Director of the company dies
D. Articles of association of the company is altered
E. Business of the company is to solve financial crisis
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