When a company is in liquidation or about to go into liquidation, companies will be there to help the company get out of debt. This is the ~ Audit Committee. 1 The board of directors of every listed company, every listed public company and such other class or classes of companies, as may be prescribed, shall constitute an audit committee. 2 The audit committee is composed of at least three directors, with a majority of independent directors, 162.. 1 For the purposes of this article, a company carries out a restricted transaction if it . a grants a loan or quasi-loan to an administrator. I of the company, or. ii of a company which, by virtue of is deemed to be related to that company, referred to in this section as a relevant directorCompanies: Practice Note No. 3 2018: Clarification on requesting an extension of time from companies. Downloaded PDF, 4. Companies: Practical note no. 4 2018: Procedures for resignation of the company secretary. Downloaded PDF, 5. In summary, in terms of reported cases, many cases involve liquidation based on the company's inability to pay its debts. This is the framework of companies, the old form of companies. Other cases also concern other areas of liquidation or shareholder disputes.