The latest accounts of Tsar Ltd showed that the company had profits available for distribution of £10,000.
Mick (the sole director of Tsar Ltd) negligently misinterpreted the accounts and authorised a dividend payment of £20,000. Joan, Mick's wife and shareholder of Tsar Ltd, saw the accounts and knew the dividend was unlawful. The other shareholders did not see the accounts.
Which of the following parties are liable for the unlawful dividend?
Directors who misinterpret the accounts will be liable for an unlawful dividend. Relief may be granted if the mistake was honest and reasonable, but this is not the case here because the misinterpretation was due to negligence. Only shareholders who know the dividend was unlawful are liable.
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Which of the following statements concerning wrongful trading is correct?
Which TWO of the following are offences connected with the insolvency of a company?
(1) Wrongful trading
(2) Market abuse
(3) Making a false declaration of solvency
(4) Bribery
Money laundering involves a number of phases in the overall procedure.
Which TWO of the following are recognised phases in money laundering?
(1) Relocation
(2) Layering
(3) Integration
(4) Distribution
The term insider dealing relates to a number of potential criminal offences.
Which TWO of the following are crimes in relation to insider dealing?
(1) Encouraging someone to engage in insider dealing
(2) Failing to report insider dealing
(3) Concealing insider dealing
(4) Passing on inside information
LT is an accountant who works for Tapa Ltd, a company owned by SP. LT has devised a scheme where Tapa Ltd can illegally disguise certain revenues so that the company's tax charge is reduced. Any tax that the scheme saves is paid to SP as a dividend.
Which TWO offences has LT committed?
(1) Tipping off
(2) Failure to prevent
(3) Laundering
(4) Failure to report
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