One of the chief advantages of the corporate form of organization is that life of the corporation does not cease on retirement or death of any of its members. Nevertheless, a corporation’s life is not limited, and the Corporations/Company’s Act of a jurisdiction provides extensive guidelines on the rights of members and creditors whenever it is decided that the life of the company is in danger of ending or winding up. On the contrary, the aim of any Corporations Act should be to avoid litigation wherever possible. (Hogget, et al., 2012).

Source: Leo, K., Hoggett, J., Sweeting, J., (2012). Company Accounting (9 thed.). John Wiley & Sons, Australia, Ltd, 1052

With reference to Fiji Companies Act 2015, write an essay explaining the following:

i) Ways in which a company in Fiji may be wound up, indicating the likely circumstances in which each is applicable.

ii) Discuss the powers of the liquidator in winding up a company in Fiji. Explain whether these powers are the same or different in the circumstances identified in (i) above.

iii) Discuss the order of priority of debt payments in the event of winding up a company in Fiji.

iv) Identify whether there are adequate provision(s) of avoiding litigation of companies in Fiji.