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Calculation of prescribed part

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Calculation of prescribed part

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • June 28, 2018 at 7:13 am #460422
    danny969
    Participant
    • Topics: 24
    • Replies: 31
    • ☆☆

    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?

    June 28, 2018 at 8:54 am #460429
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    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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