insolvency Flashcards
A liquidator can treat as void preferences given to a connected person to a company (e.g. director) how long before liquidation?
2 years
A liquidator can treat as void preferences given to an unconnected person to a company how long before liquidation?
6 months
who can appoint an administrator out of court?
The company
Directors
Secured creditors with a qualifying floating charge (QFC)
within how many days of appointment does an administrator have to send notice of appointment to the registrar?
7 days
charges must be registered at Companies House within how many days of creation?
21 days
Can an individual subject to an IVA be a director?
yes, unlike an undischarged bankrupt
on the Information Commissioner’s public register, is a list of all the data subjects kept?
yes
on the Information Commissioner’s public register, is all the personal data kept on it?
no, it’s held by the controller
can an administrator dismiss a director or employee?
yes
can an administrator appoint a new director?
yes
can an administrator sell assets subject to a floating charge?
yes
can an administrator sell assets subject to a fixed charge?
yes, but only with the court’s approval
on liquidation, how much of the assets is “ring-fenced” for unsecured creditors?
50% of the first £10,000, and
20% of the rest
how much does a creditor need to be owed to start a creditors’ voluntary liquidation?
at least £750
how long does a CVA usually last?
3-5 years
