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Law > Facts and Figures > Flashcards

Facts and Figures Flashcards

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1
Q

How long do you have to claim for breach of contract?

Limitation act

A

6 years from tortuous act

3 years for personal injury

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2
Q

Whats the minimum share capital for a plc?

A

£50,000

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3
Q

How many directors needed in a; PLC, Private company?

A

2 (plc), 1 (private)

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4
Q

How long to file reports?

A

6 months - plc

9 months - private

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5
Q

How many days do you have to send registrar updates Article of Association?

A

15

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6
Q

What is the BS, Turnover and Employees of a small company?

A

£10.2m, £5.1m, 50 employees

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7
Q

How many days to submit Annual Return?

A

28 days after anniversary of incorporation date

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8
Q

How many days to register change in director?

A

14 days

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9
Q

What type of resolution is needed for removal of a director?

A

Ordinary with special resolution

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10
Q

How many years may a director be disqualified?

A

2-15

up to 5 for persistent default of companies act

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11
Q

Whats the punishment for Wrongful Trading?

A

Civil Liability (disqualification)

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12
Q

Whats the punishment for Fraudulent Trading?

A

Unlimited Fine or 10 years inprisonment

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13
Q

What resolution is needed to ratify directors decision?

A

Ordinary

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14
Q

What qualifies as a substantial property transaction?

A

Lower of assets exceed £100,000 or 10% of net assets

de minimis £5000

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15
Q

What percent of members can apply to court for cancellation of a variation of class rights?

A

15% or more

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16
Q

What percent of members can requisition a meeting?

A

5%

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17
Q

Which 4 can call a general meeting?

A

The directors
5% of members (share capital)
The court
An auditor upon resignation

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18
Q

How many days to directors have to call, and then hold a meeting after request from members?

A

21 days to call a meeting

28 days from call, to hold the meeting

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19
Q

How much notice of the meeting is needed?

A

14 days

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20
Q

What percent of members can agree to shorter notice for calling a general meeting?

A

90% of the voting rights

max of 95% if incl in articles

21
Q

How often must a a)PLC and b) private company hold an AGM?

A

a) once a year in 6 months from accounting date

b) n/a

22
Q

How much notice is needed for an AGM?

A

21 days

23
Q

What percent of members can place an item on agenda of AGM?

A

5%

OR 100 members with at least an average of £100 each

24
Q

What are the 6 main things that need Special Resolution?

A 
Liquidations
Change to Articles
Change to company name
Increase in Share Capital
Removing pre-emption rights
Changing class rights (75% of that class)
25
Q

What two things can’t be passed by written resolution?

A

Removal of director and Auditor

26
Q

How many days from circulation must a written resolution be passed?

A

28 days

27
Q 
How many days must objections to variation in class rights be lodged?
What percent of members must object to the variation?
A

Within 21 days of the vote

15% of the class

28
Q

When must a shareholder notify the issuer of new share purchase?

A

When percentage of voting rights is above 3%, and each 1% thereafter

29
Q

How many days must a charge be registered?

Whats the punishment?

A

21 days

A fine

30
Q

How long may administration last?

A

Up to 12 months

31
Q

How many days notice must a QFCH give prior to adopting out of court administration?

A

2 days

32
Q

How many days must administrator file his appointment? And how many days must employees comply with request for statement of affairs?

A

a) 7 days

b) 11 days

33
Q

How long does administrator have to submit proposals for administration?

A

3 months

34
Q

How long does administrator have to hold a creditors meeting?

A

10 weeks

35
Q

What % of members and creditors can agree to a CVA?

A

50% of members

75% of creditors by value

36
Q

How long does a CVA normally last?

A

3-5 years

37
Q

How many days do directors have to make a sworn declaration of solvency to the registrar?
How many days to notify Gazette?

A

15 days

14 days

38
Q

How long does liquidator have to convene meeting for a MVA or CVA?

A

3 months

39
Q

How many days notice is needed for Creditors meeting in a CVA?
This meeting must be called within …. days of the resolution?

A

7 days notice

14 days of resolution

40
Q

How many representatives can creditors nominate to the liquidation committee in a CVA?

A

5

41
Q

What is the debt needed to demand compulsory liquidation?

A

At least £750 not paid in 21 days

42
Q

How many months must a Floating or Fixed charge be held, not to be invalidated in compulsory liquidation?

(connected and unconnected person)

A

Floating - 6 months (unconnected), 2 yrs (connected)

Fixed - 12 months (unconnected), 2 yrs (connected)

43
Q

What are the limits needed to file for personal bankruptcy?

A

Unsecured debts less than £40,000
Estate at least £4000

Has to show demand not satisfied in last 21 days

44
Q

What is the limit to number of partners in Ordinary Partnership?

A

20

45
Q

What is the punishment for Insider Dealing?

A

Unlimited Fine and up to 7 years

46
Q

What is the punishment for Bribery?

A

Unlimited fine and up to 10 years

47
Q

What is the punishment for

a) Money Laundering
b) Failure to Report
c) Tipping off

A

a) Unlimited Fine and up to 14 years
b) Unlimited Fine and up to 5 years
c) Unlimited Fine and up to 2 years

48
Q

How long do you have to bring a claim for Wrongful dismissal?

A

3 months (6 years for MD)

Have to have been there for 1 year

49
Q

How many years do you need to have worked to claim redundancy?
How long do you have to claim?

A

2 years

6 months

Law (2 decks)

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