ACCA 2026 LW Corporate Law Corporate Insolvency Free Quiz 1

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ACCA 2026 LW Corporate Law Corporate Insolvency Free Quiz 1

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ACCA 2026 LW Corporate Law Corporate Insolvency Free Quiz 1

Practice ACCA 2026 LW Corporate Law MCQs from Corporate Insolvency. Get instant results with Explanation.

General10 MCQs

1. What is insolvency in the context of a company?

A. Insolvency is the same as bankruptcyB. Insolvency is inability to pay debts as they fall due or liabilities exceeding assetsC. Insolvency only applies to individualsD. Insolvency is not regulated by law

2. What is liquidation?

A. Liquidation is the same as administrationB. Liquidation is a rescue procedureC. Liquidation is the winding up of a company, by court (compulsory) or members/creditors (voluntary)D. Liquidation is only for solvent companies

3. What is administration?

A. Administration is a rescue procedure to save the company, with a moratoriumB. Administration is the same as liquidationC. Administration is only for solvent companiesD. Administration does not protect against creditors

4. What is a company voluntary arrangement (CVA)?

A. A CVA is a compulsory arrangement by the courtB. A CVA is only for individualsC. A CVA does not require creditor approvalD. A CVA is a voluntary arrangement with creditors to repay debts, requiring 75% approval

5. What is the process for a creditor to wind up a company?

A. Any creditor can automatically wind up a companyB. A creditor can petition for winding up if the company cannot pay debts and the debt exceeds the thresholdC. Only secured creditors can petitionD. Winding up is not available to creditors

General10 MCQs

6. What is a statutory demand?

A. A statutory demand is optionalB. A statutory demand is a court orderC. A statutory demand is a formal demand for payment; failure to comply is evidence of insolvencyD. A statutory demand does not apply to companies

7. What is the order of distribution in a liquidation?

A. The order of distribution in liquidation starts with fixed charge holders, then liquidation expenses, preferential, floating charge, unsecured, then shareholdersB. Unsecured creditors are paid firstC. Shareholders are paid before creditorsD. The order is the same for all types of liquidation

8. What is the role of a receiver?

A. A receiver is appointed by the court for all creditorsB. A receiver is the same as an administratorC. A receiver is appointed by the company's directorsD. A receiver is appointed by a secured creditor to realise assets subject to a charge

9. What is an administrative receiver?

A. Administrative receivers are appointed by unsecured creditorsB. Administrative receivers are prohibited except in limited circumstances under the Enterprise Act 2002C. Administrative receivers are the same as administratorsD. Administrative receivers are allowed for all companies

10. What is a moratorium in administration?

A. A moratorium is only available in liquidationB. A moratorium is not available in administrationC. A moratorium is a statutory protection from creditor action during administrationD. A moratorium is optional

📋 ACCA - Test Online Practice Quizzes

ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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