Business Quiz
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- Created by: jutnut
- Created on: 24-08-18 14:17
When calculating the prescribed part, what happens when the Net Property Exceeds £10,000
First £10,000 @ 50% and the rest is @ 20% up to a total of £600,000
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What Antecedent Transactions can a director be liable for?
All of them
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Which Antecedent Transactions adhere to the relevant period
All bar Transactions defrauding creditors
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Fixed charge holders come where in the order of priorities
Second only to the liquidator/administrator expenses for realising fixed charge assets
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What are the options for an insolvent company
Informal arrangements, CVA, Administration, CVL and Compulsory Liquidation
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To amend articles need to:
Have a special resolution and file this according to s.29 and 30 as well send a copy of amended articles to Registrar
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A quorum for a GM is?
2
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What notice must be given for GM
14 clear days
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Board meetings can take place at any time?
With reasonable notice (art9)
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If in a hurry, what are the options for the directors for a OR
Short notice or written resolution
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What is the requisite percentage for SN?
90%
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If a member signifies a WR after the 28 days it is
Ineffective
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Chaz and Dav want to name their business **** off **** Sheffield County, can they do this?
No, offensive names are a criminal offence, also need PLC or LTD, cannot use names which cause confusion in relation to sensitive names or local authorities
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They do not wish to have the name disclosed anywhere bar their website, can they do this?
No, a company name must be displayed in accordance with the SI 2015
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Who needs to sign a STF
The seller
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When transferring shares, how long does the company have to do filing and what do they need to do?
Within 2 months, update register of members, send a new share certificate and file a AR01
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What is the tax on shares
Stamp Duty 0.5% for transactions over £1000 rounded up to nearest £5
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What are the tax implications for a Golden Handshake for the receiver?
None, as long as payment is less than £30,000
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What are the tax implications for a Golden Handshake for the company?
As its a gratuity payment, it is not a deductible expense and therefore there are no tax implications
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What is not a substantial property transaction
Service contracts or payments for loss of office
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Is approval required for a SPT?
Yes - OR
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When advising a business, a lawyer can advise any one of the directors, true or false
True as long as it is in relation to the company AND in line with chapter 3 of the code
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What form is needed to appoint a director?
AP01
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What other filing is needed to appoint a director?
Update registers, stationary, PSC, contract must be available for inspection and minutes filed
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A payment for loss of office is a contractual obligation and does not need the approval of shareholders
False, it is not contractual and needs a OR to approve it
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Benefits in Kind are not taxed
False, there are some that aren't but generally yes and is paid as IT for the Employee
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A dividend can be declared by a director or a s/h
Ish! The board can declare an interim but a gm is needed for a dividend
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All you need to set up a company is:
Appropriate filing, memorandum of association, articles of association and a fee
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A company cannot remove a director without cause
False, can terminate under company law via OR but employment rights
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Only public companies need permission for loans and credit transactions
False, LTD's need approval for loans to directors following provisions but only need BR for CT and QL
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when issuing shares what must a director check?
Articles for restrictions, authority and pre-emption rights
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What filing is required for issuing shares
Share certs, register of members updated and SH01
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Pre-emption rights when do they not apply?
If not in articles or if wholly or partially exchanged for non-cash consideration
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In a FSMA question, which statutory provisions should you rely on
s.19, s.22 and s.327 FSMA, art 53, 67, 77 and 76 RAO and scope rules 3,4 and 5
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Buy back out of profit can only be done if:
Articles allow it, shares fully paid up and paid for at the time of purchase
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Buy back out of profit requires s/h approval
Yes OR
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Buy back out of capital can only be done if
Follow the rules for buy back out of profit and produce a statement of solvency no sooner than a week before gm
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What filing is required during a buy back?
payment for shares, send SH01 and SH06 to companies house, register altered and share certs sent. Send copy of SR, contract available for inspection,
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Other cards in this set
Card 2
Front
What Antecedent Transactions can a director be liable for?
Back
All of them
Card 3
Front
Which Antecedent Transactions adhere to the relevant period
Back
Card 4
Front
Fixed charge holders come where in the order of priorities
Back
Card 5
Front
What are the options for an insolvent company
Back
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