Facts and Figures

Question 1

How long do you have to claim for breach of contract?

Limitation act

Answer 1

6 years from tortuous act

3 years for personal injury

Question 2

Whats the minimum share capital for a plc?

Answer 2

£50,000

Question 3

How many directors needed in a; PLC, Private company?

Answer 3

2 (plc), 1 (private)

Question 4

How long to file reports?

Answer 4

6 months - plc

9 months - private

Question 5

How many days do you have to send registrar updates Article of Association?

Answer 5

15

Question 6

What is the BS, Turnover and Employees of a small company?

Answer 6

£10.2m, £5.1m, 50 employees

Question 7

How many days to submit Annual Return?

Answer 7

28 days after anniversary of incorporation date

Question 8

How many days to register change in director?

Answer 8

14 days

Question 9

What type of resolution is needed for removal of a director?

Answer 9

Ordinary with special resolution

Question 10

How many years may a director be disqualified?

Answer 10

2-15

up to 5 for persistent default of companies act

Question 11

Whats the punishment for Wrongful Trading?

Answer 11

Civil Liability (disqualification)

Question 12

Whats the punishment for Fraudulent Trading?

Answer 12

Unlimited Fine or 10 years inprisonment

Question 13

What resolution is needed to ratify directors decision?

Answer 13

Ordinary

Question 14

What qualifies as a substantial property transaction?

Answer 14

Lower of assets exceed £100,000 or 10% of net assets

de minimis £5000

Question 15

What percent of members can apply to court for cancellation of a variation of class rights?

Answer 15

15% or more

Question 16

What percent of members can requisition a meeting?

Answer 16

5%

Question 17

Which 4 can call a general meeting?

Answer 17

The directors
5% of members (share capital)
The court
An auditor upon resignation

Question 18

How many days to directors have to call, and then hold a meeting after request from members?

Answer 18

21 days to call a meeting

28 days from call, to hold the meeting

Question 19

How much notice of the meeting is needed?

Answer 19

14 days

Question 20

What percent of members can agree to shorter notice for calling a general meeting?

Answer 20

90% of the voting rights

max of 95% if incl in articles

Question 21

How often must a a)PLC and b) private company hold an AGM?

Answer 21

a) once a year in 6 months from accounting date

b) n/a

Question 22

How much notice is needed for an AGM?

Answer 22

21 days

Question 23

What percent of members can place an item on agenda of AGM?

Answer 23

5%

OR 100 members with at least an average of £100 each

Question 24

What are the 6 main things that need Special Resolution?

Answer 24

Liquidations
Change to Articles
Change to company name
Increase in Share Capital
Removing pre-emption rights
Changing class rights (75% of that class)

Question 25

What two things can't be passed by written resolution?

Answer 25

Removal of director and Auditor

Question 26

How many days from circulation must a written resolution be passed?

Answer 26

28 days

Question 27

``` How many days must objections to variation in class rights be lodged? What percent of members must object to the variation? ```

Answer 27

Within 21 days of the vote 15% of the class

Question 28

When must a shareholder notify the issuer of new share purchase?

Answer 28

When percentage of voting rights is above 3%, and each 1% thereafter

Question 29

How many days must a charge be registered? | Whats the punishment?

Answer 29

21 days | A fine

Question 30

How long may administration last?

Answer 30

Up to 12 months

Question 31

How many days notice must a QFCH give prior to adopting out of court administration?

Answer 31

2 days

Question 32

How many days must administrator file his appointment? And how many days must employees comply with request for statement of affairs?

Answer 32

a) 7 days | b) 11 days

Question 33

How long does administrator have to submit proposals for administration?

Answer 33

3 months

Question 34

How long does administrator have to hold a creditors meeting?

Answer 34

10 weeks

Question 35

What % of members and creditors can agree to a CVA?

Answer 35

50% of members | 75% of creditors by value

Question 36

How long does a CVA normally last?

Answer 36

3-5 years

Question 37

How many days do directors have to make a sworn declaration of solvency to the registrar? How many days to notify Gazette?

Answer 37

15 days 14 days

Question 38

How long does liquidator have to convene meeting for a MVA or CVA?

Answer 38

3 months

Question 39

How many days notice is needed for Creditors meeting in a CVA? This meeting must be called within .... days of the resolution?

Answer 39

7 days notice 14 days of resolution

Question 40

How many representatives can creditors nominate to the liquidation committee in a CVA?

Answer 40

5

Question 41

What is the debt needed to demand compulsory liquidation?

Answer 41

At least £750 not paid in 21 days

Question 42

How many months must a Floating or Fixed charge be held, not to be invalidated in compulsory liquidation? (connected and unconnected person)

Answer 42

Floating - 6 months (unconnected), 2 yrs (connected) Fixed - 12 months (unconnected), 2 yrs (connected)

Question 43

What are the limits needed to file for personal bankruptcy?

Answer 43

Unsecured debts less than £40,000 Estate at least £4000 Has to show demand not satisfied in last 21 days

Question 44

What is the limit to number of partners in Ordinary Partnership?

Answer 44

20

Question 45

What is the punishment for Insider Dealing?

Answer 45

Unlimited Fine and up to 7 years

Question 46

What is the punishment for Bribery?

Answer 46

Unlimited fine and up to 10 years

Question 47

What is the punishment for a) Money Laundering b) Failure to Report c) Tipping off

Answer 47

a) Unlimited Fine and up to 14 years b) Unlimited Fine and up to 5 years c) Unlimited Fine and up to 2 years

Question 48

How long do you have to bring a claim for Wrongful dismissal?

Answer 48

3 months (6 years for MD) | Have to have been there for 1 year

Question 49

How many years do you need to have worked to claim redundancy? How long do you have to claim?

Answer 49

2 years 6 months