Critically discuss the various types of insolvency procedure in terms of what distinguishes them from each other and when each one might be used, with reference to relevant legislation and case law.

You must answer ONE question from this section

2. Critically assess whether the existing safeguards under the Companies
   Act 2006 on the maintenance of capital provide adequate protection to
   creditors.
3. Critically discuss the various types of insolvency procedure in terms of
   what distinguishes them from each other and when each one might be
   used, with reference to relevant legislation and case law.
4. ‘The company constitution, as contained in the memorandum and
   articles of association, is a key aspect of the effective management of a
   company.’
   Critically discuss the above statement by reference to relevant
   legislation and case law.
5. Critically assess, with reference to relevant legislation and case law,
   the extent to which section 994 of the Companies Act 2006 (unfairly
   prejudicial conduct) provides effective protection for minority
   shareholders.
6. ‘Although the directors of a company have the freedom to manage the
   company largely as they see fit, they remain under an obligation to act
   in the company’s interests.’
   Critically discuss the above statement by reference to relevant
   legislation and case law.