When a corporation is dissolved voluntarily, no winding up of the business is necessary. True False
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- Under a corporate liquidation, all unsecured creditors have an equal right to claim available assets of the corporation. True or FalseDiscuss the circumstances under which losses are disallowed to a corporation in a liquidation.Which is not a mode of involuntary dissolution of a corporation? a. Legislative revocation of franchise b. Judicial decree c. Order of the SEC d. Expiration of corporate term
- In every corporate liquidation, which type of credits will not share from the free assets of the corporation? * a. Unsecured claims without priority b. Partially secured claims c. Fully secured claims d. Unsecured claims with priorityTrue or False. a corporation is cease to exist when its shareholders sell their stock.When a corporation is dissolved due to fraud, graft, and corruption, can innocent employees and stockholders have claims over the asset of the corporation after satisfying all its liabilities?
- A corporation cannot start its operation if the Securities and Exchange Commission (SEC) does not issue the corporation’s certificate of incorporation. What principle is applied in this scenario a. None of the above b. Separate and distinct personality of the corporation c. Corporation is created by operation of law d. Corporation has a right of succession1. It refers to the capital of a corporation that cannot be withdrawn until final liquidation. 2. Those who compose the corporation whether shareholders or members or both. 3. This occurs when there is a change in the capital structure of the entity. 4. The residual interest of owners in the net assets of a corporation. 5. It is the earmarking of retained earnings for a certain purpose which may be legal, contractual or voluntary. choices:If a corporation files bankruptcy and is liquidated, who should get paid first: the corporation’s bondholders or its stockholders? Why?
