State FOUR persons who are incompetent to be appointed liquidators. (4 marks)
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- An infant;
- A person found by a court of competent jurisdiction to be a person of an unsound mind;
- A body corporate;
- A person convicted on indictment, whether in the Republic or elsewhere of an offence involving fraud or dishonesty or of an offence in connection with the promotion or management of a body corporate;
- An undischarged bankrupt or any other person subject to insolvency proceedings under the Insolvency Act, 1962 ACT 153
- A director of a company is not qualified for appointment as a liquidator of that company.
- An auditor of a company shall not be appointed as liquidator in a private liquidation unless on the appointment, a special resolution is duly passed dispensing with the auditing of the accounts of that auditor.