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Is this important? Should I learn them by heart? Is it my mistake or did you purposefully leave this part from lectures?
Also in the area “compulsory liquidation”, you explain a lot more than what’s given in the notes. Was that for the sake of knowledge or should I note them down and remember all of that?
Yes, prescribed part is important
Should you learn by heart? Are you kidding me?
50% of the first 10,000 and 20% of the next 590,000
Yes, learn that – there’s not a lot else to learn
So even though the holders of a floating charge debenture (say 600,000) are not yet repaid and maybe there are sufficient funds (say 605,000) to repay them in full, the prescribed part rules set aside 50% of 10,000 + 20% of 590,000 ie a total of 123,000 for the benefit of unsecured creditors and payables
That leaves only 482,000 for the lenders of 600,000 secured by way of floating charge
I cannot imagine why you may wish to not learn stuff that’s in the lectures! Law is difficult enough to make interesting so any deeper explanation that I may give in lectures is done in the hope that the listener will find it, if not exactly exciting, at least interesting
OK?
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