Question bank Flashcards
Floating charge created 15 Sept 2022, in event of default who can QFCH without recourse to the Court?
A Provisional Liquidator
B An Administrative Receiver
C A CVA Supervisor
D An Administrator
B An Administrative Receiver
D An Administrator
Who might appoint a special manager?
A The OR
B The creditors
C The liquidator or provisional liquidator
D The court
C The liquidator or provisional liquidator
To be able to have a provisional liquidator, what must have been issued?
A Winding Up petition
The effect of a disclaimer regarding a piece of contaminated land in respect of a company in liquidation is?
Release Company from liability in respect of land
Property vests bona Vacanti in the crown
If an application for a criminal confiscation order is made against the estate of an undischarged bankrupt the bankruptcy will prevent the court from making the order?
No
If the estranged husband of an undischarged bankrupt brings legal proceedings for financial maintenance the bankruptcy will prevent the order being made
No
True or false, the court have no involvement with ‘out of court appointments’
False
IF John was appointed administrator on 1 March, when would CH need to receive copy of his appointment?
8 March
Is an Administrative Receiver an officer of the Court?
No
True or False - a supervisor of a voluntary arrangement cannot be sued for breach of duty by the creditors of the voluntary arrangement
True
True or false - on the making of the bankruptcy order will the estate automatically vest in the trustee?
YEs true
Which two of the following might be a consequence of a director being found liable for wrongful trading?
A Disqualification
B Civil contribution order
C A fine
D A term of imprisonment
A Disqualification
B Civil contribution order
Who can apply to court for a provisional liquidator?
The Company
Petitioning creditor
Contributories
Secretary of State
Temporary administrator
To ascertain whether or not a company is unable to pay its debts as they fall due one would consult:
A The insolvency rules
B The insolvency Act
B The insolvency Act
True or False
For insolvencies commenced pre Dec 2020, the EU regulation does not apply to administrative receiverships
True
True or False
For insolvencies commenced pre Dec 2020, the EU regulation has the same legal effect as a UK Act of parliament
True
Which of the following information must be contained on the petition to compulsorily wind up a company?
A The issued share capital
B The domicile of the Company
C The date of incorporation
D The accounting reference date of the Company
C The date of incorporation
Other things include, Company Name Registered office, share capital (not issued), grounds for which petition is granted
Within how many business days of the threshold of creditors requesting a physical meeting bring met, must a conveyor summon a meeting?
3
In a CVL the creditors decision date to nominate a liquidator must be no more than how many days from the members resolution to wind the Company up
14 days
Which body is responsible for ensuring that the RBB’s deal with insolvency practitioners in a standardised way?
The Joint Insolvency Committee
Within what time period must the adjudicator make a decision about the making of a bankruptcy order on a debtors application?
28 days
Does an administrative receiver have a duty to pay preferential creditors?
Yes
In connection with the prescribed part, what is the definition of the company’s net property?
The amount that would otherwise be available to the holder of any floating charge after deducting costs
Which one of the following cannot make an application to court for an administrative order under para 11?
A Administrative Receiver
B A contingent creditor
C the directors
D A liquidator
A Administrative Receiver
Is express consent needed if an IP is to correspond with a creditor electronically?
No
