[lauramoreno]

sorry I’ve seen that the adjusted income is 99000 so doesn’t need to be reduced. No need to reply. thanks.

[lauramoreno]

Yes, it make sense to me. That’s how I always thought it was but my notes confused me. Contributory negligence is claimed by the defendant and it arises as the action of the claimant/plaintiff. I believe is exactly the same for volenti?

[lauramoreno]

Thanks. So from your answer I understand it the action of the claimant in both cases. In my notes I have ‘contributory negligence: contribute to you own suffering-it results as the fault of the respondent/defendant/accused party’? But there is also a question in the mock exam that says that it is the action of the plaintiff. Are my notes wrong then?

[lauramoreno]

Yes, is asking for the 3rd AGM and is the open tuition mock exam. I also put 31 December 2013 but the answer is ‘non of the answers are correct’ The other answers were somewhere in 2014 and March 2013 or something like, definitely not.

[lauramoreno]

Thanks, that’s better. So according to auditors, in my notes I have that#;

-Appointment of a new auditor and appointment an auditor appointed by the director in the mid-term to a casual vacancy are ordinary resolution with special notice, is that right? what about re-appointment of auditors?

[lauramoreno]

Thanks. And is it changing for an AGM does the notice for AGMs stays on 21?

I will use this question to ask about something else. Can you let me know if I’m correct with the following:

-The appointment of new directors/auditors is ordinary business with special notice and the re-appointment of directors/auditors is just ordinary business.

-The appointment of directors/auditors that were appointment mid way through the year, is that ordinary with special notice?

– Is a reduction in the proposed dividends ordinary business?

Thanks,

[lauramoreno]

It won’t as I thought it was 14 anyway! thanks

[lauramoreno]

So overage directors are those who over 65 or over? is that only for plc or for private companies as well? Thanks

[lauramoreno]

Ok, thanks!

[lauramoreno]

Yes, thank you. That’s what I thought but much clearer. I remember seeing a question in the kaplan revision kit that the answer said that the reserve liability was paid to the members, that’s why I was confused. I see if I can find it and read it again, maybe I misunderstood it…

[lauramoreno]

Thanks, so is the reserve liability paid to the members? and when the company is in liquidation to the company?

[lauramoreno]

Yes, doesn’t make sense for me neither. But thanks for looking into it.

[lauramoreno]

The question is in the ‘specimen exams’ in the ACCA website, question 38. There are only these three options and the correct one is ‘Where the agent fails to disclose that they are acting as such’

[lauramoreno]

Thanks for your response. The question was in the Open Tuition mock exam.

Just to clarify about the word Limited, please let me know if I’m right:
– LLP is for partnerships
– Either Limited or Ltd for private companies
– and Plc for public companies

Thanks,

[lauramoreno]

Thanks. Sorry my fault I misinterpreted the sentence in d). As I read it it meant to me that ‘directors didn’t have to disclose any benefit…’ that’s why I thought it was not a duty. Now I read it again and it makes sense.

[lauramoreno]

Thanks, that’s right! But I’ve seen in other similar questions that the fact that ‘the company is unable to pay its debts as they fall due’ is also not a ground for the court to gran compulsory liquidation. Is that right? Is there a difference between private and public companies?

[lauramoreno]

I think the wording in this question is a bit confusing. For example, I knew from the lectures that private companies no longer require to hold AGMs but, if they do, 21 days notice will be required. So if a private company decides to hold an AGM, there will be requirement to give 21 days notice that’s why I thought the correct answer would be b). You can also interpret it in the way you suggest. Are there questions like this one in the real exam?

[lauramoreno]

Thanks for replying. I’m still confused with this question. If ‘act for the benefit of the company’ is a statutory duty, why is it the correct answer if the question is asking which one is not a statutory duty? Is ‘derive no undisclosed benefit simply as a result of holding the title of a company director’ a statutory duty then? because I would say it isn’t….

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