Administration 3.0 / 5 based on 1 rating ? AccountingACCA F4OtherOther Created by: LucyCreated on: 23-07-15 08:50 What is the administration order method used to do ? protect a company experiencing short or medium term financial problems from its creditors. 1 of 17 What is the aim of administration order ? save the company or get a better deal for all creditors. 2 of 17 Who may apply to the courts for an administration order ? Company, via majority of shareholders, the directors, a creditor or a combination of them 3 of 17 Can individual shareholders make an application for an administration order ? NO 4 of 17 What must courts be satisfied about before allowing an administration order ? administration has a chance 5 of 17 What must an administrator be qualified as ? insolvency practitioner 6 of 17 Who's the administrator an agent of ? the company 7 of 17 Whos duties does the administrator take on ? Directors powers and duties 8 of 17 Who does the administrator owe equitable fiduciary duty to ? company 9 of 17 Within how many days must the administrator give notice of appointment to company, creditors and Registrar of Companies ? 7 days 10 of 17 What documents must state the name of the administrator ? All Business documents 11 of 17 How many days do directors, or others have to produce a statement of affairs ? 11 days 12 of 17 Within how many weeks must the proposal be sent to members, creditors and Registrar ? Within 8 weeks of appointment 13 of 17 What can the proposal not do ? Affect right of secured creditor to enforce security, or favour one secured creditor over another 14 of 17 Within how many weeks must the administrator call creditors meeting ? 10 weeks of appointment, creditors accept or reject plan 15 of 17 What happens if administrator and creditors can not agree on a plan ? the courts can do as it sees fit. 16 of 17 How does administration end ? Successful completion, court order, automatically 12 months after appointment, unless court extend. 17 of 17
Comments
No comments have yet been made