- 3 Marks
BCL – Nov 2020 – L1 – Q3c – Legal Implications Relating to Companies in Difficulty or in Crisis
Briefly explain the concept of a takeover in relation to a company.
Find Related Questions by Tags, levels, etc.
Report an error
Topic: Legal implications relating to companies in difficulty or in crisis
Search
500
+ past questions and counting.
- 3 Marks
BCL – Nov 2020 – L1 – Q3b – Legal Implications Relating to Companies in Difficulty or in Crisis
Explain the term "amalgamation" as used in company law.
Find Related Questions by Tags, levels, etc.
Report an error
- 10 Marks
BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis
Analyze the liability of officers and the company for changing the business object and the likely actions by the Registrar-General.
Question
P&Q Company, an incorporated non-governmental organization has been formed with the object of greening the environment and sponsoring deprived children to go to school up to Junior High School level. In the course of operation, the key officers of the company took a decision that the company goes into salt mining without reference to the office of the Registrar-General.
Under this new arrangement, huge profits were made, the Board of Directors was reconstituted, and unexpected debts were incurred. In doing so, the 17-year-old daughter of the Executive Director known as the whiz-kid in financial matters became a Board member. The Registrar of Companies has been alerted on the happenings at the company.
Required:
i) Analyze the new arrangement and give reasons if any, why the officers and P&Q Company will be liable. (5 marks)
ii) What are the likely actions to be taken by the Registrar-General in the circumstance of this case? (5 marks)
Find Related Questions by Tags, levels, etc.
Report an error
- 10 Marks
BCL – May 2021 – L1 – Q4a – Legal Implications Relating to Companies in Difficulty or in Crisis
Explanation of when a company is deemed dissolved and whether it can be resuscitated.
Find Related Questions by Tags, levels, etc.
Report an error
- 2 Marks
BCL – Mar 2024 – L1 – Q5e – Legal Implications Relating to Companies in Difficulty or in Crisis
Explain the concept of a Declaration of Insolvency in the context of company law.
Find Related Questions by Tags, levels, etc.
Report an error
- 3 Marks
BCL – Mar 2024 – L1 – Q5d – Legal Implications Relating to Companies in Difficulty or in Crisis
Distinguish between "Arrangement" and "Amalgamation" in company law.
Find Related Questions by Tags, levels, etc.
Report an error
- 5 Marks
BCL – Mar 2024 – L1 – Q5c – Legal Implications Relating to Companies in Difficulty or in Crisis
List and explain grounds for winding up a company under the Bodies Corporate (Official Liquidations) Act, 1963, Act 180.
Find Related Questions by Tags, levels, etc.
Report an error
- 6 Marks
BCL – Nov 2018 – L1 – Q7a – Legal Implications Relating to Companies in Difficulty or in Crisis
State the procedures to convert a private liquidation into an official liquidation.
Find Related Questions by Tags, levels, etc.
Report an error
- 12 Marks
BCL – May 2018 – L1 – Q7c – Legal Implications Relating to Companies in Difficulty or Crisis
Identify conditions to restrain fraudulent persons from managing companies and actions the Registrar-General may take.
Question
c) Kum is the Executive Director of Okitimiw Company Limited. Kum ordered that three-fourths of monies received weekly by the Company should be paid into the Company’s account and the remaining into his personal account for his travels, boarding, and lodging within and outside the country. Auditing of the accounts of the Company revealed that the lodging of the monies in the personal account of the executive director was not only unlawful but was done to perpetuate fraud.
On the official winding up of the Company, it was revealed that the business was carried out for fraudulent purpose and the directors and other officers of the Company were aware of what went on.
Required:
i) Identify TWO conditions that can be used to restrain fraudulent persons from managing companies. (6 marks)
ii) State TWO actions the Registrar-General will take where the process of inspection reveals criminal liability of the Executive Director.
(6 marks)
Find Related Questions by Tags, levels, etc.
Report an error
- 4 Marks
BCL – May 2018 – L1 – Q7a – Legal Implications Relating to Companies in Difficulty or Crisis
State four persons who are incompetent to be appointed liquidators.
Find Related Questions by Tags, levels, etc.
Report an error
- 3 Marks
BCL – Nov 2020 – L1 – Q3c – Legal Implications Relating to Companies in Difficulty or in Crisis
Briefly explain the concept of a takeover in relation to a company.
Find Related Questions by Tags, levels, etc.
Report an error
- 3 Marks
BCL – Nov 2020 – L1 – Q3b – Legal Implications Relating to Companies in Difficulty or in Crisis
Explain the term "amalgamation" as used in company law.
Find Related Questions by Tags, levels, etc.
Report an error
- 10 Marks
BCL – Nov 2020 – L1 – Q2a – Legal Implications Relating to Companies in Difficulty or in Crisis
Analyze the liability of officers and the company for changing the business object and the likely actions by the Registrar-General.
Question
P&Q Company, an incorporated non-governmental organization has been formed with the object of greening the environment and sponsoring deprived children to go to school up to Junior High School level. In the course of operation, the key officers of the company took a decision that the company goes into salt mining without reference to the office of the Registrar-General.
Under this new arrangement, huge profits were made, the Board of Directors was reconstituted, and unexpected debts were incurred. In doing so, the 17-year-old daughter of the Executive Director known as the whiz-kid in financial matters became a Board member. The Registrar of Companies has been alerted on the happenings at the company.
Required:
i) Analyze the new arrangement and give reasons if any, why the officers and P&Q Company will be liable. (5 marks)
ii) What are the likely actions to be taken by the Registrar-General in the circumstance of this case? (5 marks)
Find Related Questions by Tags, levels, etc.
Report an error
- 10 Marks
BCL – May 2021 – L1 – Q4a – Legal Implications Relating to Companies in Difficulty or in Crisis
Explanation of when a company is deemed dissolved and whether it can be resuscitated.
Find Related Questions by Tags, levels, etc.
Report an error
- 2 Marks
BCL – Mar 2024 – L1 – Q5e – Legal Implications Relating to Companies in Difficulty or in Crisis
Explain the concept of a Declaration of Insolvency in the context of company law.
Find Related Questions by Tags, levels, etc.
Report an error
- 3 Marks
BCL – Mar 2024 – L1 – Q5d – Legal Implications Relating to Companies in Difficulty or in Crisis
Distinguish between "Arrangement" and "Amalgamation" in company law.
Find Related Questions by Tags, levels, etc.
Report an error
- 5 Marks
BCL – Mar 2024 – L1 – Q5c – Legal Implications Relating to Companies in Difficulty or in Crisis
List and explain grounds for winding up a company under the Bodies Corporate (Official Liquidations) Act, 1963, Act 180.
Find Related Questions by Tags, levels, etc.
Report an error
- 6 Marks
BCL – Nov 2018 – L1 – Q7a – Legal Implications Relating to Companies in Difficulty or in Crisis
State the procedures to convert a private liquidation into an official liquidation.
Find Related Questions by Tags, levels, etc.
Report an error
- 12 Marks
BCL – May 2018 – L1 – Q7c – Legal Implications Relating to Companies in Difficulty or Crisis
Identify conditions to restrain fraudulent persons from managing companies and actions the Registrar-General may take.
Question
c) Kum is the Executive Director of Okitimiw Company Limited. Kum ordered that three-fourths of monies received weekly by the Company should be paid into the Company’s account and the remaining into his personal account for his travels, boarding, and lodging within and outside the country. Auditing of the accounts of the Company revealed that the lodging of the monies in the personal account of the executive director was not only unlawful but was done to perpetuate fraud.
On the official winding up of the Company, it was revealed that the business was carried out for fraudulent purpose and the directors and other officers of the Company were aware of what went on.
Required:
i) Identify TWO conditions that can be used to restrain fraudulent persons from managing companies. (6 marks)
ii) State TWO actions the Registrar-General will take where the process of inspection reveals criminal liability of the Executive Director.
(6 marks)
Find Related Questions by Tags, levels, etc.
Report an error
- 4 Marks
BCL – May 2018 – L1 – Q7a – Legal Implications Relating to Companies in Difficulty or Crisis
State four persons who are incompetent to be appointed liquidators.
Find Related Questions by Tags, levels, etc.
Report an error