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hi all, hope everyone found then exam ok.
I think i totally messed up on last question as i said he was committing money laundering! ie the co was concealed by his sons being directors! etc..
also said that the accountant failed to comply with money L regs 07 and unde proeeds of crime act 02 – failed to report and was liable 5 yrs max prison and a fine.
also forgot half the steps in a compulsary wind up – oops!! pretty sure got first bit though as gave cases to go with grounds – just & equitable.
i also went on about which courts can create precedent both criminal and civil and then just said this gives authority to over rule and reverse decisions.
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pls let me know how you all got on:)Hello there!
You are not the only one having concerns on question 10. From the comments I read, it was the most messy one not because of the fact that was too difficult, but as it was the last one and not enough time to think about it carefully because of the lack of time ( at least for me). It was not a familiar case, and every time you face something new you usually need more time to handle it.
I had more clear thoughts when going back home.
Still not sure about the answers, but iIthink that as long as the biggest customer had a huge loss, that will sure reflect on the company and, nowadays, if you loose the source of income and money you risk being insolvent. As per the CDDA, in case of insolvency, a disqualified director is responsible personally for the debts of the company and if in breach of a disqualification order he may be fined and/ or jailed too!
I may be wrong, I don’t know. I prepared a lot for this exam and I am afraid that because of this case study I will not achieve what I hoped for, however let’s hope for the best :).
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