Insolvency (SGSs 24,25) Flashcards

1
Q

Circumstances in which a company may be wound up by the court

A

s.122 IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Potential penalties for directors of insolvent companies

A

s.212 IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Administration statutes are found in

A

Schedule B1 IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The holder of a qualifying floating charge in respect of a company’s property may appoint an administrator of the company

A

Para 14, Sch B1 IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Statute for Transactions at an Undervalue

A

s.238 IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

‘Relevant time’ for transaction at an undervalue or preference if connected person is 2 years

A

s.240(1)(a) IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

‘Relevant time’ for transaction at an undervalue or preference if NOT connected person is 6 months

A

s.240(1)(b) IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Company must have been insolvent or become insolvent as a consequence of the transaction for Preferences and Transaction at an Undervalue

A

s.240(2) IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Presumption of insolvency if transaction is with a connected person (Transaction at an Undervalue/Preferences)

A

s.240(2) IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Director risks being struck off for misfeasance

A

s.6 CDDA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Connected Person definition found in this statute

A

s.435 IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Wrongful Trading

A

s.214 IA 1986

[or s.246ZB IA 1986 to apply to administrators too]

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Avoidance of floating charges

A

s.245 IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Preferences

A

s.239 IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

If Preference can be established, court likely to make restoration order

A

s.241(1)(d) IA 1986

How well did you know this?
1
Not at all
2
3
4
5
Perfectly