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BPP Flashcards

1
Q

How long does a statutory demand need to be outstanding for in order to be deemed “unsatisfied” and therefore make the recipient insolvent?

A

21 days

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2
Q

How many days does a company have to apply for injunction in relation to the statutory demand?

A

18 days

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3
Q

How many days does a debtor (personal bankruptcy) have to set aside the statutory demand?

A

18 days

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4
Q

What is the maximum period between the declaration of solvency and the General Meeting of the Shareholders?

A

5 weeks (in case of MVL)

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5
Q

Once a General Meeting notice has been sent how long until the meeting of the members can actually be held?

A

14 days in an MVL.

In a CVL:

14 days if it’s a private company, 21 days if it’s a PLC

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6
Q

What % of members must agree if they want to hold the general meeting earlier in the case of a PLC?

A

95%

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7
Q

What % of members must agree if they want to hold the general meeting earlier in the case of a LTD?

A

90%

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8
Q

What is the latest that the general meeting can be held from the date of the General Meeting notice being sent?

A

28 days

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9
Q

Once the company is in liquidation, within what time frame should the company advertise (Gazette)?

A

14 days

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10
Q

Once the company is in liquidation, within what time frame should the company send a notice to the Registrar of Companies (Companies House)?

A

15 days

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11
Q

Once the company is in liquidation, within what time frame should the liquidator advertise (Gazette)?

A

14 days

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12
Q

Once the company is in liquidation, within what time frame should the liquidator send the notice to the Registrar of Companies (Companies House)?

A

14 days

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13
Q

Once the company is in liquidation, within what time frame should the liquidator notify creditors?

A

28 days

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14
Q

Once the MVL liquidator realizes that the company is insolvent, how soon should he convene a meeting of the creditors to change it to a CVL?

A

28 days

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15
Q

Once a petition has been serviced for a compulsory liquidation, how long can the liquidation NOT be advertised for?

A

7 days

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16
Q

How many days before the court hearing can the liquidation NOT be advertised for?

A

7 days

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17
Q

How long is it generally between servicing the winding-up petition and the court hearing?

A

14 days

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18
Q

How many days before the court hearing does the certificate of service need to be filed?

A

5 BD

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19
Q

What is the penalty for directors in the case of fraudulent trading?

A

10 years +/- fine

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20
Q

What is the penalty for directors in the case of wrongful trading?

A

No criminal liability just a fine

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21
Q

How long is the director disqualification generally for?

A

2-15 years (both fraudulent and wrongful trading)

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22
Q

What is the penalty for money laundering?

A

max 14 years +/- fine

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23
Q

What is the penalty for failure to report money laundering?

A

max 5 years +/- fine

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24
Q

What is the penalty for tipping off?

A

max 2 years +/- fine

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25
Q

How many case notice should a QFCH receive in case of out of court admin?

A

2 BD for QFCH initiated process

5 BD for Director / Shareholder initiated process

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26
Q

How many votes are needed to initiate out of court admin?

A

> 50% (simple majority) of either directors @ BoD meeting or shareholders @ General Meeting

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27
Q

How long is the Interim Moratorium in Admin?

A

5BD for QFCH initiated from date of notice to QFCH

10 BD for director / shareholder from date of notice to QFCH

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28
Q

After Administrator’s appointment how many days does the Admin have to file the notice with Companies House?

A

7 days

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29
Q

How long after appointment should the Administrator request the SOFA?

A

ASARP

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30
Q

How long from Admin’s request should the SOFA be received?

A

11 days

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31
Q

If the SOFA has limited disclosure, how long of a notice should the creditors give to Admin before applying to court?

A

3 days

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32
Q

When should the Admin send the proposal to creditors?

A

ASARP

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33
Q

How long does the bankrupt have to declare excessive income?

A

21 days

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34
Q

How long does the Trustee have to claim excessive income?

A

42 days from being notified

35
Q

How long does the bankrupt have to declare after acquired property (lottery / inheritance)?

A

21 days

36
Q

How long does the Trustee have to claim after acquired property?

A

42 days from being notified

37
Q

How long does a Bankruptcy Restriction Order last for?

A

2 - 15 years

38
Q

What is the difference between BRO and Bankruptcy Offences?

A

BRO is a civil penalty (balance of probabilities) while Bankruptcy Offences are criminal penalties. However, violating the BRO is a criminal offence.

39
Q

When does the family home vest back into the bankrupt?

A

3 years if the Trustee has not been able to sell it

40
Q

How long does the right of occupation generally last?

A

12 months

41
Q

How long after bankruptcy do creditors’ interests generally outweigh all other considerations?

A

12 months

42
Q

When does generally the discharge from bankruptcy occur?

A

After 12 months

43
Q

What is bankruptcy suspension?

A

Extend the bankruptcy period beyond 12 months for a) specific period of time or b) until certain conditions are met

44
Q

In the case of an IVA, what is the earliest that the proposal can be prepared prior to notice being sent to the nominee?

A

14 days (i.e. proposal must not be more than 14 days old before the nominee receives the notice)

45
Q

How long does an Interim Order moratorium last?

A

14 days assuming no prior application for Interim Order in the last 12 months

46
Q

In an administration how long does the Admin have to send the proposal from the time of appointment?

A

max 8 weeks

47
Q

How long does the Admin have to get the creditors’ decision on the proposal?

A

max 10 weeks from appointment (i.e. 2 weeks from the time the proposal is sent out)

48
Q

In an administration how often are progress reports prepared?

A

First report should be issued within 1 month of 6 months from appointment and then every 6 months after that

49
Q

In a CVA, how long do the directors have to submit the proposal and SOFA?

A

14 days from the notice of the proposal being sent to the IP, but it needs to be accompanied by the statement of truth to be valid

50
Q

What is the statement of truth?

A

Statement accompanying the SOFA in a CVA, and needs to be sent within 14 days of the notice of proposal being sent to the IP.

51
Q

How long does the IP have to comment on the CVA proposal from the time the notice is endorsed by the IP with consent to act?

A

28 days

52
Q

How often should progress reports be provided in a CVA?

A

First report is within 2 months of the 12 month anniversary, and then it’s every 12 months

53
Q

When should the creditors decision take place in a CVA?

A

Min 14, max 28 days after the notice to creditors has been sent

54
Q

When should the members vote on the CVA?

A

5BD AFTER creditors

55
Q

When should the report on voting be submitted in a CVA?

A

Within 4 BD after the voting has taken place

56
Q

How long does an IP have to accept an AR appointment?

A

verbally (1 day after being notified) or in written format (5 days after being notified)

57
Q

How soon should the Companies House be notified of an IP appointment in relation to an Admin Receivership?

A

7 days after appointment

58
Q

How soon should a notice of appointment for an AR be advertised by the Company in the gazette?

A

ASARP

59
Q

How soon should the creditors be notified of an AR appointment?

A

Within 28 days

60
Q

How soon should an AR receive a SOFA?

A

Within 21 days of appointment, but needs to be accompanied by a statement of concurrence

61
Q

In addition to the SOFA what else should the AR receive?

A

Statement of Concurrence

62
Q

How often should the AR provide progress reports to creditors?

A

Within 2 months of the 12 month anniversary of the appointment, and then every 12 months after that

63
Q

What is the relevant time for TUV in a bankruptcy?

A

5 years

64
Q

What is the relevant time for TUV in an insolvency?

A

2 years

65
Q

Is insolvency presumed for TUV?

A

yes if connected, not of unconnected

66
Q

For TUV is insolvency required to be shown at transaction date?

A

Yes (insolvency), Yes (2-5 years of bankruptcy), No (0-2 years of bankruptcy)

67
Q

What is the relevant time for preferences in a bankruptcy?

A

2 years connected / 6 months unconnected

68
Q

What is the relevant time for preferences in an insolvency?

A

2 years connected / 6 months unconnected

69
Q

Is the bankrupt supposed to have been insolvent at the time of transaction for preference claim to be valid?

A

Yes

70
Q

Is the debtor supposed to have been insolvent at the time of transaction for preference claim to be valid?

A

Yes

71
Q

Is insolvency presumed for preference transactions?

A

No, but for connected parties “desire to prefer is presumed”

72
Q

What is the relevant time for extortionate credit in a bankruptcy?

A

3 years

73
Q

What is the relevant time for extortionate credit in an insolvency?

A

3 years

74
Q

Is insolvency required at the time of transaction for extortionate credit claim to be valid?

A

No

75
Q

What is the relevant time for transactions defrauding creditors?

A

Infinite - no time limit

76
Q

Is insolvency required at the time of transaction for transactions defrauding creditors?

A

No

77
Q

Is insolvency presumed at the time of transaction in the case of transactions defrauding creditors?

A

No

78
Q

What is the relevant time for excessive pension contributions in the case of a bankruptcy?

A

Infinite - no time limit

79
Q

Is insolvency required at the time of excessive pension contributions for them to be valid?

A

No

80
Q

Is insolvency presumed at time of excessive pension contributions?

A

No

81
Q

What is the relevant time for post petition disposals in a bankruptcy?

A

Time between petition and appointment

82
Q

Is insolvency required at the time of transaction for post petition disposal?

A

No

83
Q

What is the relevant time for avoidance of floating charges?

A

2 years if connected, 1 year if unconnected

84
Q

Is insolvency required to be demonstrated at time of transaction in the case of floating charge avoidance?

A

Yes for connected / No for unconnected

BPP (1 decks)

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