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

Hi guys, would anyone have up to date exam grids and papers/reports for equity? I have an 2022 manual but could really know what topics come up repeatedly so I could condense down my study. Happy to share materials on EU and Contract which I passed recently in exchange! Thanks

Hey guys- I need advice!

I'm working full time and planning on sitting Contract and EU- do I have time? Unsure whether I should just try concentrating on one or give two a go!

Planning on starting study this weekend

i have all up to date equity material sitting it myself in October, doing a course.

would be happy to swap for eu and contract material as sitting them aswell

Thanks for that! His examiner reports are great to be fair! I'd imagine like all the other FE-1s he doesn't expect you to mention all the cases he lists in his reports? But more so that these are the ones you need to focus on?

Does anybody have/know what came up on the most recent equity exam in Spring 2022?

Does anyone know what came up in the last company sitting? After trawling through this thread I still can't figure out what came up. If anyone has a completely up to date exam grid (incl. March 2022) I have other materials!

See Qs below! I've been trying to find the Qs for the last Tort paper if anyone has them. Also, when are the examiner reports out?

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Company Law FE1 Exam March 2022:

QUESTION ONE “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. In your answer, you must cite all relevant case and statute law. 

QUESTION TWO 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 whether he owes any separate duties to a guarantor. In your answer, you are required to cite all relevant case and statute law. 

QUESTION THREE “Section 158(1) of the Companies Act 2014 has replaced Regulation 80 of Part 1 of Table A to the Companies Act 1963 as the cornerstone of corporate governance.” You are required to discuss this statement, and in answering this question you must cite all relevant case and statute law in support of your answer.

QUESTION FOUR Paul is a director of Cars4All Limited (the “Company”) which operates a 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; first 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. It has come to his knowledge that Paul has been “double-jobbing” for the last two years selling second-hand cars through a website fronted by his wife, Jackie. Specifically, Simon has heard that: Jackie has been buying cars from Paul that were traded in-to the Company at a discounted price before they sell 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 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 FIVE Irish Books 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 his 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 Office 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 the 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. In your answer you must cite all relevant case and statute law. 

QUESTION SIX Bob’s Burger Bars Limited (the “Company”) operates a mobile burger business which has six vans on the road, selling burgers and other fast food at events in the greater Dublin region. It owns a premises on the Long Mile Road in Dublin where it pre-prepares some food and stores ingredients etc. The Company employs 15 people and has been in business for some 10 years. The Company’s sole shareholder and sole director, Bob, was contacted by the Company’s bank this morning and was informed that it was freezing the Company’s accounts because it had learned that the Company had been struck off the register almost a year ago and had been dissolved. Bob contacts you in a panic, and admits that he may have been remiss in arranging for the filing of the Company's annual return and financial statements. You are required to advise Bob on: (a) How the company came to be struck off the register and how it can be restored to the register; and (b) What are the legal consequences of the company being struck off the register and of the Company being restored to the register. In your answer, you must cite all relevant case and statute law.

QUESTION SEVEN “Following the enactment of the Companies Act 2014, the doctrine of ultra vires has been abolished for LTDs, to which Parts 2 to 15 applies, but remains in place for DACs, PLCs, CLGs and UCs”. You are required to discuss and explain this statement. In your answer you must cite all relevant case and statute law

QUESTION EIGHT “While a creditor of a company is entitled ex debito justiciae to a winding-up order, the remedy of winding up is a discretionary remedy and is not available in cases of disputed debts”. You are required to discuss this statement citing all relevant case and statute law in your answer.

how far back would people recommend going for the company law papers?

What are people covering for Constitutional?

what are people covering for Equity?

Are people covering "passing off" for tort?

Hi all, I hope study is going good! I was wondering does anyone have sample answers for contract and constitutional law from 2020 to 2022 please? Thank you in advance

Hi, im currently doing a course for equity, tort and constitutional.

Is anyone doing a course for EU or property? would be happy to swap material in exchange for notes from course.

Have also done a course for contract so have that material

Would you be willing to send me sample answers for tort and contract please?

I can send you exam grids and very high quality notes for both EU and property. I also have sample answers for both topics, but they're only up to Autumn 2019.

His examiners reports set out everything he wants, just build your answer around it.