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Which of the following parties has their interest paid first out of a liquidated company's assets? 

A

 The liquidator 

B

 Floating chargeholders 

C

 Employees 

D

 Those owed deferred debts 

 Which of the following statements concerning administration is correct? 

A

 A liquidation order may be granted against the company if the company is in administration 

B

 To commence administration always requires a court order 

C

 The official receiver is put in charge of a company subject to an administration order 

D

 If the company cannot be rescued as a going concern, the next objective of administration is to achieve a better result for creditors than an immediate liquidation would 

Which TWO of the following will end an administration period? 

(1) After 12 months have elapsed since the administration commenced 

 (2) The success of the administration 

 (3) A court order granted following a special resolution of the members 

 (4) Agreement of the creditors 

A

1 and 2 

B

 1 and 4 

C

 2 and 3 

D

 3 and 4 

Section 122 Insolvency Act 1986 specifically provides a distinct ground for applying to have a company liquidated on the ground that it is just and equitable to do so. 

Which of the following parties may petition to have a company compulsorily liquidated under that provision? 

A

 Shareholders of the company 

B

 Creditors of the company 

C

 Debentureholders of the company 

D

 The Secretary of State 

Section 122 Insolvency Act 1986 provides a number of distinct grounds for applying to have a company liquidated on a compulsory basis. 

Which of the following is NOT a ground for the compulsory liquidation of a company under that provision? 

A

 The company has not received a trading certificate within its first 12 months 

B

 The company has not started trading within the first 12 months 

C

 The company has suspended its business for 12 months 

D

 The company has altered its primary business within the first 12 months 

The company’s board, creditors and the Secretary of State may petition for the liquidation on the ground of insolvency.

A

 The board of directors 

B

 The members of the company 

C

 The company's creditors 

D

 The Secretary of State 

 Which type of resolution can ONLY be passed by a private company? 

A

Written resolution 

B

Ordinary resolution 

C

 Special resolution 

D

 Special resolution with special notice 

 Which of the following may NOT be achieved by written resolution? 

A

 Removal of an auditor 

B

 Alteration of the company's articles 

C

Variation of class rights 

D

Change to the company's name 

How many days' notice is required for a meeting where a resolution requires special notice? 

A

21

B

28

C

30

D

35

Where members hold sufficient voting rights to requisition a resolution at a general meeting, how much notice in advance of the meeting must they give the company? 

A

 One week 

B

 Two weeks 

C

 Four weeks 

D

 Six weeks