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Prescribed part

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Prescribed part

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by MikeLittle.
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  • November 22, 2015 at 4:37 am #284429
    Theingi
    Member
    • Topics: 14
    • Replies: 22
    • ☆

    Dear Sir,

    Regards with the order of payments on liquidation, what is the ‘prescribed part’ and i don’t understand the explanation of it. Could you please explain in simple way and using some examples for it.

    Thanks.

    November 22, 2015 at 11:53 am #284510
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22705
    • ☆☆☆☆☆

    It’s a way of ensuring that there will be some money in a liquidation for the benefit of unsecured payables where previously the holder of a floating charge debenture would take everything up to the value of the secured debt

    So the prescribed part ring-fences some of the available funds that will then be distributed amongst the unsecured payables

    The amounts involved are:

    50% of the first 10,000 pounds
    20% of the rest up to the overall amount of 600,000 pounds

    Ok?

    November 22, 2015 at 1:24 pm #284549
    Theingi
    Member
    • Topics: 14
    • Replies: 22
    • ☆

    Thanks for the explanations

    November 22, 2015 at 1:53 pm #284557
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22705
    • ☆☆☆☆☆

    You’re welcome

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