CPI ACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED
ANSWERS)
A debtor is not suitable for a protocol compliant IVA if
they have what? - correct answer- Investment
properties
A person required to submit a SoA to the administrator
under Schedule B1 of the Act must do so within what
timescale? - correct answer- 11 days
A petition in a compulsory liquidation does not need to be
served upon whom? - correct answer- Director
of the company
As defined by Section 435 of the Act, who is not
considered an associate of a person? - correct
answer- Next-door neighbour
, NOTE: An employee, brother of spouse, and company in
which the person has voting shares WOULD be considered
associations
As part of the nominee's report in a CVA, what is the
nominee not required to comment on? - correct
answer- Whether the ongoing trading of the
company will be profitable
How many creditors must be in attendance (in person/by
proxy) at a meeting of creditors which is a qualifying
decision procedure, in order for the meeting to be
quorate? - correct answer- At least 1 creditor
who is entitled to vote
In a bankruptcy, when does an income payment
agreement have to be agreed by? - correct answer-
Before the bankrupt has received their discharge
In a CVL there is a requirement for consultation with
employees if 20 or more employees are to be made
CORRECT ANSWERS (VERIFIED
ANSWERS)
A debtor is not suitable for a protocol compliant IVA if
they have what? - correct answer- Investment
properties
A person required to submit a SoA to the administrator
under Schedule B1 of the Act must do so within what
timescale? - correct answer- 11 days
A petition in a compulsory liquidation does not need to be
served upon whom? - correct answer- Director
of the company
As defined by Section 435 of the Act, who is not
considered an associate of a person? - correct
answer- Next-door neighbour
, NOTE: An employee, brother of spouse, and company in
which the person has voting shares WOULD be considered
associations
As part of the nominee's report in a CVA, what is the
nominee not required to comment on? - correct
answer- Whether the ongoing trading of the
company will be profitable
How many creditors must be in attendance (in person/by
proxy) at a meeting of creditors which is a qualifying
decision procedure, in order for the meeting to be
quorate? - correct answer- At least 1 creditor
who is entitled to vote
In a bankruptcy, when does an income payment
agreement have to be agreed by? - correct answer-
Before the bankrupt has received their discharge
In a CVL there is a requirement for consultation with
employees if 20 or more employees are to be made
