In relation to company insolvency, what is the effect of an administration order?
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1 .Which of the following is/are grounds for petitioning the court to have a companycompulsorily wound-up?(1) Members have passed a special resolution to seek compulsory winding-up.(2) A public company fails to obtain a trading certificate within one year ofincorporation.
A 1 only B 2 only C Neither 1 nor 2 D Both 1 and 2
2 .In the event of liquidation the liquidator will distribute the company’s assets in accordancewith the priority determined by the law relating to insolvency.Assuming there are surplus assets who ranks last in the priority of creditors?
A Unsecured creditors B Ordinary shareholders C Floating charge-holders
3 .What is the role of the Official Receiver?
A To appoint an insolvency practitioner to deal with a compulsory winding up order B To realise company assets for a floating charge-holder C To rescue a company as a going concern D To liquidate the assets of an insolvent company
4 .Who ranks first in the order of priority of creditors when a company is in insolvencyprocedures?
A The insolvency practitioner B Fixed charge-holders C Preferential debts D The “prescribed part”
5 .TTT Bank plc has a fixed charge over the assets of FFF Company. The total amount due tothe bank is ￡50,000, but the value of the asset offered as security has fallen to ￡40,000.What claim does TTT Bank plc have in the priority of creditors?
A First priority for ￡50,000 B First priority for ￡40,000 with no claim for the remainder C First priority for ￡40,000 and a floating charge-holder claim for the remainder D First priority for ￡40,000 with an unsecured creditor claim for the remainder
7 .Which of the following may be arranged under “pre-pack” administration?(1) Potential buyers for the sale of the company.(2) A sale price for the business.
A 1 only B 2 only C Neither 1 nor 2 D Both 1 and 2
8 .When is a declaration of solvency required?
A In a members’ voluntary winding up only B In a creditors’ voluntary winding up and members’ voluntary winding up C In a creditors’ voluntary winding up only
9 .Jarvis and Co has been appointed as liquidator of JKL Ltd, a small manufacturing company,under a compulsory winding up order.Who appointed Jarvis and Company?
A The court B The Official Receiver C The creditors of JKL Ltd D The directors of JKL Ltd
10 .Which of the following is a false statement about the liquidator position?
A The liquidator is not treated as an officer of the company for liability purposes B The liquidator takes charge of and realises the company’s assets C The liquidator pays creditors of the company in statutory order
