Question 1

Which of the following is NOT an option for a debtor who has been served with a statement of claim?

Accepted Answer

A) Pay the debt. 
B) Make arrangements to pay or secure the debt. 
C) File a defence. 
D) Apply for a garnishee order. 
A) Pay the debt. 
B) Make arrangements to pay or secure the debt. 
C) File a defence. 
D) Apply for a garnishee order.

Question 2

The time limit for commencement of legal action to recover a debt is 2 years.

Accepted Answer

A) True 
 B)False

Question 3

How much of a bankrupt's income is required to be given to the trustee in bankruptcy?

Accepted Answer

A) Half of the amount in excess of a specified threshold. 
B) All of it. 
C) Half of it. 
D) The amount in excess of a specified threshold. 
A) Half of the amount in excess of a specified threshold. 
B) All of it. 
C) Half of it. 
D) The amount in excess of a specified threshold.

Question 4

A 'writ of execution' is:

Accepted Answer

A) an order of the court declaring the debtor bankrupt. 
B) an order of the court authorising a court officer to seize the goods of the debtor and sell them. 
C) an order of the court directing the debtor to pay the debt in specified amounts on specified dates. 
D) an order of the court directing a person who owes money to the debtor to pay the money into the court. 
A) an order of the court declaring the debtor bankrupt. 
B) an order of the court authorising a court officer to seize the goods of the debtor and sell them. 
C) an order of the court directing the debtor to pay the debt in specified amounts on specified dates. 
D) an order of the court directing a person who owes money to the debtor to pay the money into the court.

Question 5

Which of the following is NOT one of the aims of bankruptcy legislation?

Accepted Answer

A) To give the debtor a chance to have a new start. 
B) To distribute the debtor's assets equitably. 
C) To ensure all of the debtor's creditors are treated fairly. 
D) To punish the debtor. 
A) To give the debtor a chance to have a new start. 
B) To distribute the debtor's assets equitably. 
C) To ensure all of the debtor's creditors are treated fairly. 
D) To punish the debtor.

Question 6

An Official Receiver must reject a debtor's petition for bankruptcy;if the debtor has been bankrupt on their own petition at least three times.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is NOT one of the steps to be taken to obtain a default judgment?

Accepted Answer

A) Proceed to a hearing. 
B) Serve a statement of claim on the debtor. 
C) File a statement of claim with the court. 
D) File an application for default judgment. 
A) Proceed to a hearing. 
B) Serve a statement of claim on the debtor. 
C) File a statement of claim with the court. 
D) File an application for default judgment.

Question 8

A bankrupt may be examined by the court upon the application of the trustee or a creditor.

Accepted Answer

A) True 
 B)False

Question 9

A common act of bankruptcy is failure to comply with a bankruptcy notice.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is NOT an option for a company in financial difficulty?

Accepted Answer

A) Liquidation. 
B) Bankruptcy. 
C) The appointment of a receiver. 
D) The appointment of a liquidator. 
A) Liquidation. 
B) Bankruptcy. 
C) The appointment of a receiver. 
D) The appointment of a liquidator.

Question 11

Which of the following is NOT an act of bankruptcy?

Accepted Answer

A) Property of the debtor is sold pursuant to a court order. 
B) The debtor changes their place of residence. 
C) The debtor fails to comply with a bankruptcy notice. 
D) A writ of execution is issued but returned unsatisfied. 
A) Property of the debtor is sold pursuant to a court order. 
B) The debtor changes their place of residence. 
C) The debtor fails to comply with a bankruptcy notice. 
D) A writ of execution is issued but returned unsatisfied.

Question 12

Prepare a comparative analysis of the advantages and disadvantages of bankruptcy.

Accepted Answer

Bankruptcy can have both advantages and

Question 13

The entry of a Part IX debt agreement in the National Personal Insolvency Index:

Accepted Answer

A) prevents secured creditors from dealing with their security. 
B) releases the debtor from all provable debts as if they had been discharged from bankruptcy. 
C) releases all guarantors of the debtor's debts from liability. 
D) releases persons who owe debts jointly with the debtor from liability. 
A) prevents secured creditors from dealing with their security. 
B) releases the debtor from all provable debts as if they had been discharged from bankruptcy. 
C) releases all guarantors of the debtor's debts from liability. 
D) releases persons who owe debts jointly with the debtor from liability.

Exam 30: Insolvency and Debt Recovery

Which of the following is NOT an option for a debtor who has been served with a statement of claim?

The time limit for commencement of legal action to recover a debt is 2 years.

How much of a bankrupt's income is required to be given to the trustee in bankruptcy?

A 'writ of execution' is:

Which of the following is NOT one of the aims of bankruptcy legislation?

An Official Receiver must reject a debtor's petition for bankruptcy;if the debtor has been bankrupt on their own petition at least three times.

Which of the following is NOT one of the steps to be taken to obtain a default judgment?

A bankrupt may be examined by the court upon the application of the trustee or a creditor.

A common act of bankruptcy is failure to comply with a bankruptcy notice.

Which of the following is NOT an option for a company in financial difficulty?

Which of the following is NOT an act of bankruptcy?

Prepare a comparative analysis of the advantages and disadvantages of bankruptcy.

The entry of a Part IX debt agreement in the National Personal Insolvency Index:

Legal Foundations

Legal Systems

How Law Is Made: Precedentstatute Law

Civil Liability: the Law of Torts and Negligence

Applications of Negligence to Business

Introduction to Contracts

Agreement Between the Parties

Intention to Create Legal Relations

Consideration

Capacity of the Parties

Genuine Consent

Is the Contract Legal

Terms of the Contract

Rights and Liabilities of the Parties,discharge and Remedies

Remedies in Contract

Statutory Consumer Guarantees and the Australian Consumer Law

General and Specific Consumer Protections Under the Acl

Introduction to Companies and Incorporated Associations

Agency

Partnerships

Choosing a Business Entity

Other Business-Related Torts

Insurance

Sale of Goodsbusiness to Business

Property and Mortgages

Intellectual Property

Ethics and Business Practice

Criminal Law in a Business Context

Competition Law

The Work Environment and the Employment Relationship

Filters