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when it becomes necessary to liquidate a company, the first step to be taken is...

Commerce
JAMB 2018

when it becomes necessary to liquidate a company, the first step to be taken is the appointment of a?

  • A. a receiver
  • B. an auditor
  • C. an account
  • D. a liquidator
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Correct Answer: Option D
Explanation

In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution. 


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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995