FE1 Exam Thread (Read 1st post!) No trading

Did anyone make a provisional application for hybrid course? Did LS come back to you on it?

I contacted the LS and they advised that they are not taking provisional applications, and that they recommend having all documents ready, and posting when you get results.

I was also told that they wouldn't accept my application until I had passed the exam so interested on this too as I see some people were told differently!

I'm not going to rush to get it in before the exams at this stage anyway.

Just a reminder that if you are sitting the exams in person you have to return the form by today!

no nothing yet!

Do you think would it be safe to leave out free movement of services seeing as it came up in March? I would much rather if I didnt have to cover it..

PROPERTY

does anyone know what the essay Q on land registration was for the March 21 exam?

I'm thinking of preparing an essay on the mirror principle/s69 burdens in registered land but I know a Q in March was on this chapter, just not sure of the actual question!

I was also told via email to submit it and then they would process it fully when my results came out. My friend last year submitted hers and then just paid the 840 when her results came out.

Tort

Nov 200

critically discuss the liability of volunteers in the law of tort under legislation and case law.

Is this essentially essay on good Samaritans / rescuers?

Helps but wont get in the way of you passing

I would include adv of incorporation maybe? And share transfer also

I've also seen a few people flag receivership and liquidation over examinership so i'm going to gamble that way, and i'm also leaving out ultra vires

Yeah as said above, it is always the same essay so I would say it will be fine to leave out

"According to the Property Registration Authority, 

"By international comparison, Ireland has a very extensive and well-developed system of land registration. Since the foundation of the Land Registry in 1892, there has been a gradual, ongoing and continuous programme of movement away from the older and limited system of recording Deeds (in the Registry of Deeds), to the more modern, ‘exible and comprehensive ’title registrationT system provided through the Land Registry."

Considering the above statement, describe and discuss the system for recording property transactions in Ireland."

March paper attached

Is this an educated guess???

I know where you’re coming from! They’re all pretty important topics you mentioned… just thought you heard something more! I’ve them all covered! I’d be shocked if family/children didn’t come up! Think it’s due!

Question 1

“Following the enactment of the Companies Act 2014, the doctrine of ultra vires has been abolished for LTDs, to which Parts 2 to 15 apply, but remains in place for DACs, PLCs, CLGs and UCs”.

You are required to discuss and explain this statement. Support your answer with appropriate reference to relevant caselaw and statutory provisions.

Question 2

Jackie’s business has failed. For the last 6 years, Jackie operated a florist shop from a unit in a shopping centre outside of Dublin. The business was conducted through her company which is now called Smell That DAC (the “Company) of which Jackie was the sole shareholder and one of two directors, the other director being Jackie’s former fiance, Ted. Jackie contacted Ted to tell him the company was insolvent and they agreed to hold a directors’ meeting with a view to putting the Company into creditors’ voluntary winding up. On meeting with Jackie and Ted, you elicit the following information:

-      The Company now owes 500,000 in back rent and taxes. The Company has struggled through the recession, as people have had less disposable income to spend on flowers. The final straw has been an increase in rent on the shop unit the Company rents, which was increased from "20,000 to "40,000 per month.

-      The Revenue Commissioners have not been paid VAT on sales or PRSI or PAYE due on Jackie’s salary from the Company for three months.

-      In addition, the Revenue Commissioners have issued an assessment for "50,000 in relation to back tax owed to them which the Company cannot afford to pay. The circumstances in which this has become due were that Jackie had hired a teenage girl to work a few hours on a Saturday morning, paying her cash in hand. When this was discovered by the Revenue Commissioners, they claimed for lost PRSI and PAYE tax on the girl’s earnings over a two-year period.

-      The Company’s books and records have been maintained by a local book-keeper to an acceptable standard, however, on the way to delivering the books and records to the book-keeper for the last 12 month period, Jackie’s car was stolen and the books and records destroyed when joy-rider thieves set fire to the car.

-      Ted, the Company’s second director, has not been active in the business of the Company. He agreed to be a director whilst engaged to Jackie because every company needs two directors, but he has not been active in the Company’s business, apart from signing accounts and forms when asked to do so. Although they have since split up, the break-up was amicable but Ted only agreed to stay on until é Jackie could find someone else to become a director.

-      The liquidator has been looking to meet with them both but to date, while Jackie has met with him, Ted has not, having left a message with the liquidator’s office to say “there is nothing I can help you with”.

You are required to advise both Jackie and Ted on the likelihood that they will be restricted under section 719 of the Companies Act 2014, and in particular on the defences available to them.

Support your answer with appropriate reference to relevant caselaw and statutory provisions.

Question 3

Paul is a director of Cars4All Limited (the “Company”) which operates a new-car sales business in South County Dublin. Paul is not a shareholder in the Company, which is owned by a family consortium headed-up by Simon, although Paul has worked in the Company for 10 years; fjrst as a car salesman, before being promoted on a number of occasions, until finally being appointed a director of the Company with responsibility for sales. There are three other directors (all family members, making four directors in total).

Simon, the majority shareholder and Managing Director of the Company approaches you for advice. 't has come to his knowledge that Paul has been operating privately a business on the side for the last two years selling second-hand cars through a website fronted by his wife, Pauline. Specifically, Simon has heard that: Pauline has been buying second-hand cars from the Company )these are cars which have been traded-in by customers of the Company against the purchase price of a new cark_ Paul has facilitated the sale of those second-hand cars at a discounted price before selling them on for a significant profit on their website_ and Paul has been using the Company’s garage-workshop to service the cars late at night and on Sundays when the garage-workshop is closed. He has also used spare parts belonging to the Company but has not reimbursed the Company for these.

You are required to advise Simon on the following:

a) whether you believe there have been any breaches of the duties owed to the Company by its director, Paul, under Part 5 of the Companies Act 2014; and

b) the remedies that are available to the Company arising from any breach of duties.

In your answer you must cite all relevant case and statute law and attempt to apply these to the facts provided above.

Question 4

“The causes of crystallisation of a floating charge are now well settled in Irish case law”.

You are required to discuss this statement. Support your answer with appropriate reference to relevant caselaw and statutory provisions.

Question 5

“Generally speaking this principle [i.e. that a company is a legal entity distinct from its members] and the statutory rules of company law in which the principle is implicit apply to the relationship between holding companies and subsidiaries and to transactions between them and third parties” - Re Frederick Inns Ltd [1991] ILRM 572 (HC) at 587 (Lardner J)

You are required to discuss this application of the principle of separate corporate personality in the specific context of holding companies and subsidiaries. Support your answer with appropriate reference to relevant caselaw and statutory provisions.

Question 6

Irish BooHs Limited (the “Company”) is an on-line wine shop operating from an industrial estate in West Dublin. The Company has a term loan and overdraft from Big Bank plc (the Bank) secured by a mortgage debenture incorporating a first charge over its premises. Its borrowings are also secured by a separate fixed charge over its book debts. Book debts are paid into a separate account which the Bank can freeze at its discretion. Both charges were created in 2016.

Due to poor turnover, the Company stopped repaying its loans to the Bank which then appointed a receiver. Last month the directors placed the Company into creditors’ voluntary liquidation. Following her appointment, the Company’s liquidator inspected the security which the Bank holds for its loans to the Company. The liquidator tells you that:

a) through an oversight, the mortgage debenture in favour of the Bank comprising the fixed charge over its premises which contained the power to appoint the receiver was not registered in the Companies Registration Offjce under section 409 of the Companies Act 2014; and

b) the charge over the book debts was registered under section 409; however, the charge created over a bank account into which book debts was paid was not registered under section 409 and the liquidator tells you that the Revenue Commissioners are claiming priority of the amounts due to them ahead of sum due to the bank.

You are required to advise the liquidator on the enforceability of the security described in a) and b) which must be clearly distinguished in your answer as both parts carry equal marks.

Support your answer with appropriate reference to relevant caselaw and statutory provisions.

Question 7

“A statutory predecessor of section 31 of the Companies Act 2014 has been described as giving rise to a statutory contract of the most sacred character”

You are required to discuss this statement, explaining the nature and effect of section 31 of the Companies Act 2014. Support your answer with appropriate reference to relevant caselaw and statutory provisions.

Question 8

Harry is an insolvency practitioner and was recently appointed by Big Bank plc (the Bank) to be receiver to Totally PC Coffee Limited (the “Company”) on foot of a debenture the Company had given to the Bank to secure its borrowings. The Bank is owed over 2,000,000 by the Company and the Company’s principal asset is a unit in an industrial estate in North County Dublin where it mixes, packages and distributes coffee beans sourced from a fair-trade plantation in Brazil. The unit was acquired by the Company for "2,500,000 in 2007.

Harry believes that the premises is currently worth in the region of 1,500,000 and has a firm offer for that amount. There is another interested party who has said to Harry that he might be prepared to offer 1,900,000 in another three months when he can raise the cash. Harry is also receiving telephone calls on a daily basis from Richard, the managing director and sole shareholder in the Company, asking Harry to make sure he gets the best price for the property. Harry is aware that Richard gave a personal guarantee to the Bank and is aware that if there is a shortfall between the price received for the property and the amount owing to the Bank, he as guarantor will be liable in that amount.

You are required to advise Harry on his duties as a receiver having particular regard to the duties owed to the Company and also whether he owes any separate duties to a guarantor. Support your answer with appropriate reference to relevant caselaw and statutory provisions.