What is the role of the Official Receiver?
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1 .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
2 .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
3 .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
4 .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
5 .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
7 .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”
8 .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
9 .In relation to company insolvency, what is the effect of an administration order?
A The company will be liquidated following due process B The company must pay its creditors, or make an arrangement with them, within 21days C The obligations of the company will be “ring-fenced” for a period specified by thecourt D The Official Receiver is obliged to appoint a liquidator
10 .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
