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Adjustment of Reserves

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Question

Write a word or a term or a phrase which can substitute each of the statements :
The person or authority who is responsible for disposing company assets to repay creditors.

A

Chairman

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B

Regional Director

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C

An official Liquidator

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D

None of these

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Solution

The correct option is D An official Liquidator
When a company is about to wind up it is required to realise the assets of the company and it should be distributed among the “debenture holders”, “creditors” “shareholders” etc. An official liquidator is the authorised person for this task.

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