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The instructions and questions for the scots commercial law examination held by the law society of scotland on 7 august 2009. The examination consists of three questions, each worth different percentages, and candidates must ensure they use appropriate authority for their answers. Topics covered include insurable interest, diligence, bills of exchange, and security over moveable property.
Typology: Exams
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Part A
Alf Ardman Ltd is a company which is on the verge of insolvency. In the past three months creditors have carried out various diligences against the company. Explain the risks would the creditors face if Alf Ardman Ltd was to be liquidated today? To what extent would your answer differ if the debtor was Alf Ardman rather than Alf Ardman Ltd?
OR
Part B
Critically consider the reforms to the law of diligence implemented by the Bankruptcy and Diligence etc (Scotland) Act 2007.
£10,000 Warmanbie
16 th^ July 2009
Sixty days after sight of this bill of exchange pay us or order the sum of £10,000 (TEN THOUSAND POUNDS STERLING) only for value received
To: Bob Baker For and on behalf of
46 Nick Park Flipping Kids plc
Brydekirk
Dumfriesshire Anthony Hancock
Director
The bill has been crossed on the front as follows:
“Accepted 23 rd^ July, 2009, Bob Baker”
(a) Identify the drawer, drawee, payee, and indicate when the bill will be due for payment? (25%)
(b) Explain how you would ascertain who is entitled to claim payment on the bill – detailing any additional information you would require. (45%)
(c) If the drawee is unable to make payment on the due date how should the person entitled to claim payment proceed? (30%)