Directors’ duties in insolvency

Which regulations have now passed into Irish law?

European Union (Avoiding Insolvency) Regulations

European Union (Avoiding Restructuring) Regulations

European Union (Preventing Insolvency) Regulations

European Union (Preventive Restructuring) Regulations

Which of the following statutory obligations was NOT introduced in the latest additions to the Companies Act?

Directors must act in good faith in what they consider to be the company's interests

Directors must avoid conduct that threatens the company's viability

Directors must take steps to avoid insolvency

Directors must consider the interests of creditors

When did the EU regulations pass into Irish law?

July 2021

July 2022

September 2022

January 2023

Which sections of the Companies Act apply when directors believe that the company may not be able to pay its debts?

224A and 228

22A and 228

224 and 28A

224 and 228A

Which of the following is NOT an early sign that the company might be in financial distress?

The landlord has issued an eviction notice

Sales are falling

Directors are not taking a salary

The bank overdraft is constantly at its limit

Which of the following is NOT a mid-term sign that the company might be in financial

Rent and other essential services are unpaid or delayed

A major customer/client has been lost

Refinance applications are being refused

Tax arrears are building

Which of the following is NOT a late sign that the company might be in financial distress?

There is little interest in buying the business or any part of it

The Revenue Commissioners have issued tax arrears notices or demands

Cashflow projections show a deficiency that cannot be funded

Directors are not taking a salary

What is the key question addressed by the cashflow test?

Can the company pay its debts as they fall due?

Can the company find a buyer for the business?

Can the company extend any financing arrangements?

Can the company avoid laying off staff?

Which of the following is NOT among the directors' duties when exploring the business’s viability?

Holding regular board meetings to monitor performance

Setting up a committee separate to the board

Preparing financial projections for the next 12 months

Ensuring financial information is accurate and up to date

Along with examinership, which insolvency process enables a company to restructure its debts?

Small company administrative rescue process

Small company business rescue process

Small company business rescue procedure

Small company administrative rescue procedure

Directors’ duties in insolvency

Which regulations have now passed into Irish law?

Which of the following statutory obligations was NOT introduced in the latest additions to the Companies Act?

When did the EU regulations pass into Irish law?

Which sections of the Companies Act apply when directors believe that the company may not be able to pay its debts?

Which of the following is NOT an early sign that the company might be in financial distress?

Which of the following is NOT a mid-term sign that the company might be in financial

Which of the following is NOT a late sign that the company might be in financial distress?

What is the key question addressed by the cashflow test?

Which of the following is NOT among the directors' duties when exploring the business’s viability?

Along with examinership, which insolvency process enables a company to restructure its debts?

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