FLK 1 Flashcards
Members voluntary liquidation
Shareholders decision for liquidation / Solvent companies
Creditors voluntary liquidation
Compulsory / Insolvent companies
Compulsory liquidation
Court forced / Insolvent
Administrative receivership
Company breaches term of its borrowing from a creditor with a floating charge / administrator recovers money owed
Cause of action against Directives
Directives = binding
Must considered reference to CJEU (court of justice)
Declaration of incompatibility
Only appeal courts can declare this (high court / CoA)
Statutory moratorium eligibility
Financial services + capital market arrangement companies are excluded
Penalty clause
Strikes out liquidated damages clause which requires party in breach to pay excessive sums, so much so that it becomes a penalty
Consumer Protection Act
For defective products - producer, held out to be producer, or imported for supply are all liable
Preference transactions
If the party is a creditor / surety / guarantor of the insolvent company’s debts or liabilities
- Voidable
- 6 months prior to winding up / extended to 2 years if a connected person to a director
Document certified
If solicitor is unable to meet client F2F, have a third party certify the ID docs to prove identification
Rescission of a contract
Cannot be rescinded if affirmed contract with full knowledge after the fact
Affirmation of a contract
Indication of intention to continue contract
-Repudiatory breach
-Renunciation
-Misrepresentation
Lemmon v Webb
A neighbour can lop boughs overhanging his property without notice to the owner of the tree, provided that he does so without entering the owner’s land
Designated member vs. ordinary member - LLP
Additional statutory duties
- LLP must have 2 designated members
- Signing accounts on behalf of members
- Making appropriate CH filings
- Acting on behalf of LLP if wound up
