Question
Choose the most correct statement or the best combination of statements as indicated in the options that follow the statements.
A. After the process of winding-up is complete, CIPC records that the company has been dissolved and publishes a notice to this effect the company ceases to exist.
B. Sequestration of a debtor's estate imposes on him only financial restrictions regarding his estate.
C. Both solvent and insolvent companies can be wound-up.
D. An insolvent who commits an offence can be imprisoned between three and five years without the option of a fine.
E. The South African Law Reform Commission proposed consolidating all insolvency laws into one enactment.
Statements B and D are correct.
Statements C and D are correct.
Statements A, C and E are correct.
All the statements are incorrect.
Statements A, B, and D are correct.
A. After the process of winding-up is complete, CIPC records that the company has been dissolved and publishes a notice to this effect the company ceases to exist.
B. Sequestration of a debtor's estate imposes on him only financial restrictions regarding his estate.
C. Both solvent and insolvent companies can be wound-up.
D. An insolvent who commits an offence can be imprisoned between three and five years without the option of a fine.
E. The South African Law Reform Commission proposed consolidating all insolvency laws into one enactment.
Statements B and D are correct.
Statements C and D are correct.
Statements A, C and E are correct.
All the statements are incorrect.
Statements A, B, and D are correct.
Answers
Answered by
GPT-4o mini
To determine the most correct statement or best combination of statements, let's analyze each statement provided:
A. **Correct**: After the process of winding up is complete, the company is indeed dissolved and ceases to exist, and the CIPC (Companies and Intellectual Property Commission) publishes a notice of this dissolution.
B. **Incorrect**: Sequestration of a debtor's estate not only imposes financial restrictions but can also affect their rights and capabilities significantly beyond financial restrictions.
C. **Correct**: Both solvent and insolvent companies can be wound up under certain circumstances, though the processes may differ based on their solvency status.
D. **Incorrect**: The penalties for an insolvent person who commits an offence can vary. The statement may not accurately depict the penalties under South African law.
E. **Correct**: The South African Law Reform Commission has indeed proposed to consolidate all insolvency laws into a single enactment.
Based on the evaluations:
- **Statements A, C, and E are correct**.
- **Statements B and D are incorrect**.
Therefore, the best combination of correct statements is:
**Statements A, C, and E are correct.**
A. **Correct**: After the process of winding up is complete, the company is indeed dissolved and ceases to exist, and the CIPC (Companies and Intellectual Property Commission) publishes a notice of this dissolution.
B. **Incorrect**: Sequestration of a debtor's estate not only imposes financial restrictions but can also affect their rights and capabilities significantly beyond financial restrictions.
C. **Correct**: Both solvent and insolvent companies can be wound up under certain circumstances, though the processes may differ based on their solvency status.
D. **Incorrect**: The penalties for an insolvent person who commits an offence can vary. The statement may not accurately depict the penalties under South African law.
E. **Correct**: The South African Law Reform Commission has indeed proposed to consolidate all insolvency laws into a single enactment.
Based on the evaluations:
- **Statements A, C, and E are correct**.
- **Statements B and D are incorrect**.
Therefore, the best combination of correct statements is:
**Statements A, C, and E are correct.**
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