RRR Ltd has defaulted on a floating charge. A court order has started administrationproceedings.Which of the following actions is the charge-holder entitled to take?
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1 .A company carries on business at a time when the directors ought to have known thatinsolvency was inevitable.Who may be liable to contribute to the assets of the company?(1) The current directors.(2) The shareholders of the company.(3) The former directors of the company.
A 1 only B 1 and 2 only C 1 and 3 only D All of the above
2 .A registered company with current assets of ￡5,000, trade creditors worth ￡10,000 and anunsecured bank overdraft of ￡10,000 sought an increase in its overdraft facility to ￡15,000.The bank agreed on the condition that it was given a floating charge over all the company’sassets to secure the overdraft. The overdraft was repayable on demand if requested. Thecompany was wound up three months later.What sum is the bank entitled to as a secured creditor?
A Nil B ￡5,000 C ￡10,000 D ￡15,000
3 .Neil has been allotted 500 ￡1 ordinary shares in Rogers Ltd. He has paid-up 70p per share.What is Neil’s liability in the event of Rogers Ltd being wound up?
A ￡150 B ￡350 C ￡500
4 .Who may nominate the liquidator in a creditors’ voluntary winding up?(1) The creditors(2) The court(3) The members
A 1 only B 1 and 2 only C 1 and 3 only D All of the above
5 .Who has immediate responsibility for dealing with the affairs of a company once acompulsory winding up order has been granted?
A The Official Receiver B The liquidator C An administrator
7 .Which of the following could be a ground for “just and equitable winding up”?
A All members agree that the company should pursue completely different objectives B One or more members are prevented from participating in operational decisions C The company has made no transactions for at least 12 consecutive months
8 .EEE Ltd is in insolvent administration.For which of the following will the administrator require permission from the court?
A To permit a director of the company to remain in office B To make payments to preferred creditors C To take on the powers of the directors D To discharge accounts payable to unsecured creditors
9 .Marcel is the majority shareholder in Cook Restaurant Ltd. He wishes to retire and closedown the business completely, as none of his family wish to succeed him. The company hascreditors, but Marcel knows that the business is solvent and that the net assets will meet allobligations.Which of the following is most appropriate to bring the company’s existence to an end?
A Creditors voluntary winding up B Administration C Creditors compulsory winding up D Members voluntary winding up
10 .Which of the following is/are grounds for administration procedures?(1) To put a rescue plan in place if it is possible to rescue the company, in whole or inpart, as a going concern.(2) If corporate rescue is not possible, to maximise the recovery of assets for thecreditors.
A 1 only B 2 only C Neither 1 nor 2 D Both 1 and 2
