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- Created by: jutnut
- Created on: 07-07-17 16:50
1. When is wrongful trading relevant?
- When an employee continues trading and knew or ought to have known company has no reasonable prospects
- When a director continues trading and knew or ought to have known company has no reasonable prospects
- When a director took every step with a view to minimising the potential loss to the company’s creditors…he ought to have taken
- When the company continues trading and knew or ought to have known company has no reasonable prospects
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Other questions in this quiz
2. Tests for insolvency under s.123IA 1986
- Cash Flow and Cash Sheet Insolvency
- Cash Flow Only
- Cash Flow and Balance Sheet Insolvency
- Bankruptcy
3. Which procedure(s) are largely contested?
- CVAs
- Administration
- Administration and Receivership
- Members voluntary liquidation
4. What is the first order of priority on liquidation?
- Liquidator’s costs and expenses of realising fixed charge assets
- Fixed charge holders (according to the extent of their security)
- Liquidator’s general costs and expenses of the liquidation
- Shareholders (according to the rights attaching to their shares)
5. What are the four types of creditors?
- Fixed charge holders, floating charge holders, shareholders and banks
- Fixed charge holders, preferential, floating charge holders and shareholders
- Fixed charge holders, preferential, floating charge holders and unsecured
- Secured, unsecured, shareholders and preferential
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