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Insolvency > Question bank > Flashcards

Question bank Flashcards

1
Q

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

A

B An Administrative Receiver
D An Administrator

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2
Q

Who might appoint a special manager?
A The OR
B The creditors
C The liquidator or provisional liquidator
D The court

A

C The liquidator or provisional liquidator

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3
Q

To be able to have a provisional liquidator, what must have been issued?

A

A Winding Up petition

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4
Q

The effect of a disclaimer regarding a piece of contaminated land in respect of a company in liquidation is?

A

Release Company from liability in respect of land

Property vests bona Vacanti in the crown

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5
Q

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?

A

No

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6
Q

If the estranged husband of an undischarged bankrupt brings legal proceedings for financial maintenance the bankruptcy will prevent the order being made

A

No

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7
Q

True or false, the court have no involvement with ‘out of court appointments’

A

False

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8
Q

IF John was appointed administrator on 1 March, when would CH need to receive copy of his appointment?

A

8 March

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9
Q

Is an Administrative Receiver an officer of the Court?

A

No

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10
Q

True or False - a supervisor of a voluntary arrangement cannot be sued for breach of duty by the creditors of the voluntary arrangement

A

True

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11
Q

True or false - on the making of the bankruptcy order will the estate automatically vest in the trustee?

A

YEs true

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12
Q

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

A Disqualification
B Civil contribution order

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13
Q

Who can apply to court for a provisional liquidator?

A

The Company
Petitioning creditor
Contributories
Secretary of State
Temporary administrator

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14
Q

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

A

B The insolvency Act

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15
Q

True or False
For insolvencies commenced pre Dec 2020, the EU regulation does not apply to administrative receiverships

A

True

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16
Q

True or False
For insolvencies commenced pre Dec 2020, the EU regulation has the same legal effect as a UK Act of parliament

A

True

17
Q

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

A

C The date of incorporation

Other things include, Company Name Registered office, share capital (not issued), grounds for which petition is granted

18
Q

Within how many business days of the threshold of creditors requesting a physical meeting bring met, must a conveyor summon a meeting?

A

3

19
Q

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

A

14 days

20
Q

Which body is responsible for ensuring that the RBB’s deal with insolvency practitioners in a standardised way?

A

The Joint Insolvency Committee

21
Q

Within what time period must the adjudicator make a decision about the making of a bankruptcy order on a debtors application?

A

28 days

22
Q

Does an administrative receiver have a duty to pay preferential creditors?

A

Yes

23
Q

In connection with the prescribed part, what is the definition of the company’s net property?

A

The amount that would otherwise be available to the holder of any floating charge after deducting costs

24
Q

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

A Administrative Receiver

25
Q

Is express consent needed if an IP is to correspond with a creditor electronically?

A

No

Insolvency (23 decks)

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