ICCSSL Business Law Practice Questions - ICCSSL Business Law Module (Subject 2306) Exam

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If a company makes a distribution to shareholders when it does not satisfy the solvency test, who may be held personally liable to restore the distribution under the Sri Lankan Companies Act No. 7 of 2007?

Only the majority shareholders who received the distribution The company secretary and the external auditors The directors who authorized the distribution and signed the solvency certificate The Registrar of Companies

Correct Answer:

The directors who authorized the distribution and signed the solvency certificate

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