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2014年ACCA考试F4公司法与商法第二十五章总汇2

来源：高顿网校 2014-08-04

　　以下是高顿网校为大家整理的：F4公司法与商法第二十五章，希望对考生们有所帮助。

　　2 Distributable profits

　　Payment of dividends

　　2.1 (a) The power to declare a dividend is given to the directors by the articles.

　　(b) Members do not have a right to be paid a dividend. They must approve the dividend at a G.M. (they cannot increase it).

　　(d) (i) A dividend is a debt only when it is declared and due for payment.

　　(ii) If declared and unpaid it is a deferred debt.

　　(iii) An unclaimed dividend becomes statute barred after six years.

　　Basic rules

　　2.2 The basic rules contained are set out in ss.263 and 264.

　　s.263 – Basic restrictions which apply to public and private companies.

　　s.264 – Further restrictions applying to public companies only.

　　Basic restriction applicable to all non investment companies s.263

　　2.3 (a) Distributable profits are defined as:

　　Accumulated realised profits – accumulated realised losses.

　　(b) Accumulated: this means the company cannot take one year in isolation. It must take all profits/losses since commencement.

　　(i) There is no distinction between capital and revenue profits.

　　(ii) The Act does not define realised profits precisely but implies that they are what a prudent accountant would apply (ultimately the court will decide). Any profit is of course realised at the point of sale.

　　(iii) Any provision, whether for doubtful debts or depreciation, must be treated as a realised loss.

　　Further restriction applicable to public companies only s.264

　　2.4 (a) Net assets must always be at least equal to called up share capital plus undistributable reserves.

　　(b) Undistributable reserves are:

　　(i) share premium account;

　　(ii) capital redemption reserve;

　　(iii) the surplus of unrealised profits – unrealised losses (revaluation reserve);

　　(iv) any other controlled reserve (this could be defined in the memorandum or articles or come from statute).

　　(c) The practical effect of this is to make plcs take unrealised losses into account when calculating the amount to distribute.

　　(d) NB. Financial accounting practice treats private companies in the same way on grounds of prudence.

　　Example

　　The table below has information about the financial status of two companies, Black and White, as at the year ending 31.12.200X.

　　BlackWhite

　　Unrealised

　　Revaluation reserve350(300)

　　Realised capital

　　Profits250150

　　Realised revenue

　　Profits b/fwd150150

　　Profit/loss for year50(50)

　　Assuming Black is a private company, what profits are available for distribution? Would your answer be the same if Black was a plc?

　　Now do the same exercise for White.

　　Answer

　　Black Ltd

　　250 + 150 + 50 = 450m

　　Black plc = 450m

　　White Ltd

　　150 + 150 – (50) = 250m

　　White plc

　　150 + 150 – (50) – (300) = 0m

　　Consequences of making an unlawful distribution (s.277)

　　2.5 (a) If a company makes an unlawful payment then any shareholder knowing it is unlawful must pay it back.

　　(b) Strangely, no specific liability attaches to directors by statute.

　　However, directors could be regarded as failing in their duty and would then be liable to indemnify the company.

　　高顿网校小编寄语：向着某一天终于要达到的那个终极目标迈步还不够，还要把每一步骤看成目标，使它作为步骤而起作用。

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