2 questions scenarios - Essay Example

Company Law Scenario B How long does a charge holder have to register their charge? Where do they register their charge?Under the Companies Act of 2006, a charge holder must register the charge within 21 days of creating it. This has to be done in the Companies House. If this is not done, the charge will be rendered void.How clause 5 above is commonly described?Clause 5 above is commonly known as a debenture which is secured by the fixed and floating charges which are being registered. It is a debenture of Jupiter Limited Company.

Whose charges will have priority in Scenario B? Please explain why?The floating charge by the Lindley’s Bank Plc. will take charge over all the other charges because the company signed the charge with the bank before any of the others did and it stipulated that the company could not create mortgage or charge any rankings equal to the bank’s charges without having the consent of the bank. The Lindley’s Bank Plc. was therefore in control.Scenario CCan the partnership be dissolved, and if so how can this happen?

When can the dissolution take effect? The partnership can be dissolved on the grounds of bankruptcy. This is possible because they have many debts and liabilities. The dissolution should take effect from the day they give the notice of the dissolution or according to their agreement in the dissolution notice.Assuming the assets of the partnership were sold for £460,000, how would this money be used and how much would the partners receive?The money would first pay all the debts the partners have and the proceeds would be shared according the capital each partner contributed or according to how they share their profits.

Reference 2012. Web. http://www.companylawclub.co.uk/topics/partnership_act_1890.shtml