QB Flashcards
Define a contract that provides for payment at various stages of the contractor’s progress
A severable contract
Is a claimant required to take every opportunity to mitigate losses arising from a breach of contract?
No, just reasonable steps
The amount of money needed to put a claimant in the position they would have achieved if the contract had been performed protects their _____ interest
Expectation
The unfair contracts terms act 1977 only applies to ______ contracts between ______
Commercial, businesses
What is the ‘res ipsa loquitor’ argument?
That the facts speak for themselves
Materially false or misleading information in an auditor’s report is punishable by what?
Fine only
The limitation period for tortious acts is ____ years or _____ in cases of personal injury
Six, three
If there is a contractual duty of care, does it follow that there is also a duty of care owed in tort?
No
In cases of agency workers, can the employer and agency company both be found liable by a court for negligent actions of an employee?
Yes
Is a company required to keep a register of debenture holders?
No
What type of company must provide a directors’ remuneration report?
Quoted companies
What is a confirmation statement?
A document which confirms there are no changes to prescribed information about the company or sets out what changes have occurred
Micro-entities must file a _____ _____ but not a ______
Do micro-entities have to include notes in their accounts?
Balance sheet, P&L
Yes
Can a sole director also be a company secretary?
Yes
Is a provision to exclude directors from liability for breach of duty or negligence void?
Yes
Is petitioning the court for winding up on the just and equitable ground available to any member regardless of the size of his shareholding?
Yes
How many days must a plc give for the holding of its agm?
21 days
Can PLCs use written resolutions?
No
Can a written resolution be used to remove a director or auditor?
No
Taking 100 £30 shares and altering them to 10,000 30p shares is an example of what?
Subdivision of shares
If a charge is not entered by a firm within the specified timespan, what happens to the charge?
It is void against any liquidator, administrator or creditor
Within how many days must an administrator make his requirements for statements known to a company’s officers and employees?
7
How can an administrator’s appointment be extended?
Through a majority of creditors
Who can propose a CVA?
- Directors
- Administrator
- Liquidator
Who nominated the liquidator?
The directors only
For how many months of the last 18 must a member have been a shareholder when petitioning the courts to wind up a company?
Six
A floating charge to a connected person may be void if entered into within _____ years before the liquidation, or ____ months if unconnected
2, 12
The admittance of new partners requires what consent from existing partners?
Unanimous consent of all existing partners
Maximum penalty for fraud?
10 years imprisonment, unlimited fine
Maximum length for failing to report a suspicion of money laundering?
5 years (unlimited fine)
Within what period of time following the effective date of termination of an employee’s employment contract must an employee make a claim for unfair dismissal?
Three months
To claim unfair constructive dismissal, for how long must you be employed for?
At least two years
Do notice periods for termination of employment need to be included in the prescribed particulars?
No
Within how many months must a claim for statutory redundancy payment be made?
6
What is the maximum penalty for non-compliance with the data protection act for a company?
Fine up to £17million or 4% of global turnover
What are the three core aspects of South Africa’s King Report?
Good corporate citizenship
Leadership
Sustainability
How many years for a non-executive director to count as independent after being an employee for that company?
5
What is exploratory analysis?
Analysis that aims to identify relationships between variables in a set of data
What is the difference between a type 1 and type 2 error?
Type 1: rejecting a hypothesis that is in fact correct
Type 2: hypothesis is accepted that is in fact wrong
An ordinary resolution requires what percentage of votes cast?
More than 50%
A special resolution requires what percentage of votes cast?
More than 75%
Can a written resolution remove a director?
No
What is the expiry date by which shares should be alloted?
Within five years of thr authority being conferred
Creditors cannot appoint an administrator out of court unless they are what?
Unless they are a qualifying floating charge holder
What percentage is required for a change of name?
75%
Within what period of time following the breach of an employment contract can an action for wrongful dismissal be brought?
Six years
How much notice is required to be given by a PLC for the holding of its agm?
21 days
Can PLCs pass written resolutions?
No
Are preferred and secured creditors bound by a CVA?
No
Does the appointment of an administrator require a special resolution?
No
Can a partner be expelled for any reason?
No- it must be in good faith and for a good reason
What is the maximum length of imprisonment that can be imposed for failing to report a suspicion of money laundering?
5 years
Failure to implement measures as determined by the Money Laundering Regulations 2017 is punishable by what?
An unlimited fine and up to 2 years imprisonment
What is the minimum period to claim for unfair constructive dismissal?
Two years
Employers must pay _____ class one contributions on behalf of their employees
Secondary
