QLTS WRONG ANSWERS FLK 1

Question 1

How can an insolvent LLP bring its business activities to an end?

Answer 1

Creditors’ Voluntary Liquidation

Question 2

What is the process after you send an STF to HMRC for stamping?

Answer 2

Send it to the company

Question 3

How many designated members must an LLP have?

Answer 3

Two

Question 4

If an LLP agreement is silent, how are new members admitted?

Answer 4

BY agreement of all existing members

Question 5

What is the requirement for the amendment of the Articles of a company?

Answer 5

1. 75% special resolution
2. Best interests of the company as a whole

Question 6

What is the Duomatic principle?

Answer 6

An informal decision of shareholders is binding if all shareholders agree to the changes

Question 7

If standard disclosure is ordered, and the counterparty is not happy with the list of documents sent over, what can they do if they think there are documents related to items specific to their claim?

Answer 7

Apply for specific disclosure of any documentation relevant to that specific item

Question 8

What is the deadline for acknowleding a claim form when an accident happens outside of E&W?

Answer 8

42 days and a full response in 6 months

Question 9

How long do you have to comply with a judgment, and is this requirement suspended if you apply to stay the judgment (but this application has not yet been granted)?

Answer 9

14 days - no

Question 10

If an unless order is not complied with and it specifies that the claim will be struck for non-compliance, what happens if you don’t comply?

Answer 10

The claim is struck automatically but you can seek relief from the sanction.

Question 11

Will accountants who prepared an annual report for a company be liable to a third party acquirer of the company if those accounts were negligently prepared?

Answer 11

No unless
1. They knew the nature of the transaction which the claimant contemplated
2. They knew their advice would be communicated to the claimant, directly or indirectly
3. The accountants knew it was likely the claimant would rely on the information
4. There was reliance to their detriment

Question 12

To review
1. Enforcement of judgments
2. Negligent misstatements
3. Claimants under the Fatal Accidents Act
4. Rights of third parties act
5. Family division of HC

Question 13

If i cut a cable belonging to Eskom and you lose 3 grand of steel at your factory plus 500 buck of profit, what can you recover?

Answer 13

3500

Question 14

What can you recover from damage to a third party’s property which affects you?

Answer 14

Consequential economic loss only

Question 15

Is a guarantee a primary or secondary obligation?

Answer 15

Secondary obligation that supports a primary obligation

Question 16

Is an indemnity a primary or secondary obligation?

Answer 16

Secondary obligation

Question 17

If you recieve a bill from a lawyer and are unhappy with it, when must you apply to court to get a detailed assessment of the bill?

Answer 17

Within 1 month and before the expiry of the 12 months from delivery of the bill

Question 18

Is the UK Supreme Court bound by its own previous decisions?

Answer 18

Yes