General Studies · Insolvency and Administration
A company is under insolvent administration. For which of the following statutory duties must the administrator obtain explicit permission from the court or creditors' committee?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1To permit a director of the company to continue exercising their formal office powers
- 2To make preferential payments to preferred or secured creditors
- 3To assume and take over the management powers previously held by the directors
- 4To make distributions and discharge accounts payable to ordinary unsecured creditors✓
Correct answer
To make distributions and discharge accounts payable to ordinary unsecured creditors
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