Question: Joy has been operating a profitable company for a few years now. Recently there has been a downturn in the economy and Joy now doubt

Joy has been operating a profitable company for a few years now. Recently there has been a downturn in the economy and Joy now doubt whether the business will remain viable for the next year or two. She has approached you as her attorney-at-law for advice regarding the procedure for liquidating the business.

a. Advise Joy. (20 marks)

b. Outline the effect of liquidations , insolvency and administration.

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