Legal Concepts

Question 1

Who must lasting power of attorneys register with?

Answer 1

Office of the Public Guardian

Question 2

Legal vs beneficial owners

Answer 2

Legal is named on land registry, beneficial is who enjoys use of a property

Question 3

What is insolvency

Answer 3

When a company can no longer pay bills and liabilities. Immediate action required

Question 4

What is liquidation

Answer 4

When insolvency fails, company is ended and property/assets administers to creditors and members

Question 5

Alternatives to liquidation

Answer 5

Administration - administrator appointed to fix the company

Voluntary arrangement - make a satisfactory financial settlement to company creditors

Question 6

What does an ‘official reviewer’ do? What does insolvency practitioner do?

Answer 6

First Administers bankruptcy process.

Second is appointed as trustee to oversee the sale of assets and payment to creditors

Question 7

What is ‘probate’

Answer 7

When an executor administers someone’s will

Question 8

What are trusts

Answer 8

Arrangement when a settler transfers property/assets to a trustee.

Governed by 2010 Trustee Act

Question 9

What is a SIP

Answer 9

For pension funds - ‘Statement of Investment Principles’ - basically sets out investment policies. Reviewed every 3 years