Question

According to CA s 588E(4), a company that fails to keep financial records: Select one: a....

According to CA s 588E(4), a company that fails to keep financial records:

Select one:

a. Is presumed to be bankrupt

b. None of the options are correct

c. Must notify ASIC

d. Is presumed to be insolvent for a 12-month period prior to its winding up

e. Is presumed to be insolvent for the entire period during which it failed to keep financial records

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Answer #1

Option e is correct

According to CA s 588E(4), a company that fails to keep financial records is presumed to be insolvent for the entire period during which it failed to keep financial records

> As per Corporations Act 2001 Section 588E(4), the comapany which fails to keep the financial records as required by section 286 sub section (1) or has failed to retain the financial records for 7 years period as required by Section 286 sub section (2) is deemed to be insolvent during the entire period which it failed to keep the financila records

> The section is called by liquidator when he started the proceedings

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