alleryStart learning →Under s. 320, company assets are applied to liabilities in which manner?
AEqually, pari passu
BBy random lottery
CLargest debt first
DOldest debt first
Answer & Solution
Correct answer: A. Equally, pari passu
Section 320 applies assets in satisfaction of liabilities pari passu, subject to s. 326.
Keep practising Winding Up
Browse all Winding Up questions for CA Final, or explore more Law topics.
Related questions
Under s. 361, summary liquidation suits a company with assets of book value up to what?If no voluntary resolution came first, a Tribunal winding up commences at what time?The Tribunal may declare a dissolution void within what period from dissolution under s. 3Unpaid dividends go to the Liquidation Dividend Account after remaining unpaid for how lonIf winding up is not concluded within what period, s. 348 requires yearly statements?Under s. 344, business letters of a company in liquidation must carry what?The minimum jail term for fraud by officers under s. 337 is what?After a Tribunal winding up begins, property dispositions are void unless the Tribunal doe