QUIZ LAW650

In Re Benjamin Cope & Sons Ltd, a company cannot create subsequent floating charge ranking in pari passu with priority to the earlier floating charge unless the earlier floating charge holder expressly permits it.

• True

• False

It is initiated by special resolution of the company.

• Compulsory winding up

• Voluntary winding up

A commercial organization may be punished for giving or offering gratification by associated persons in the interest of the said commercial organization.

• True

• False

A company can apply to have itself compulsorily wound up.

• True

• False

Directors cannot place themselves in a position where personal interests conflicts with the interests of the company with the permission of the company.

• True

• False

There are 3 elements of fraud on minority: i. the wrongdoer has control ii. the wrongdoer obtains benefit at the expense of the company iii. the wrongdoer prevents the company from suing the wrongdoer

• True

• False

A takeover offer means an offer made to acquire all or part of the voting shares or voting rights, or any class or classes of voting shares or voting rights, in a company and includes:

• a take-over or merger transaction howsoever effected, which has the effect or potential effect of obtaining or consolidating control in the company

• a partial offer

• a take-over offer by a parent company for the voting shares or voting rights in its subsidiary

For the purposes of determining whether a quorum is present, a person attending as a proxy or as a representative of a member corporation is usually deemed not to be a member.

• True

• False

A _________ is intended by the parties to cover a class of property but not to attach to specific items within the class until some future event occurs (eg default in payment, company being wound up).

• floating charge

• fixed charge

The company cannot continue trading while in receivership.

• True

• False