Companies Act: new rules affect lenders and creditors

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. What is the aim of amendments to the Companies Act 2014?

  2. What can a private company lending intra-group now do that it could not before?

  3. What is one of the big changes for lenders?

  4. Why was the definition of credit institution in the 2014 Act changed?

  5. Following the amendments what is the definition of a credit institution?

  6. What was the priority system of claims in case of insolvency prior to the amendments (in order)?

  7. What impact did the Supreme Court have on the system of priority in claims at the time?

  8. Did the Supreme Court judgment stand the test of time following recent amendments?

  9. Which section of the act does Section 98(c) of the 2017 Act amend?

  10. What do the changes signify for accountants?