A fixed charge attaches to a specific asset and is realized first in liquidation, so the holder of a fixed charge gets paid from those assets before the pool of assets available to floating charges is touched. The floating charge covers a fluctuating pool of assets (like stock and debtors) and only gets paid from whatever remains after fixed charges are satisfied. That’s why floating charges rank lower than fixed charges. The other statements misstate the ranking: floating charges do have priority over unsecured debts in the sense of security, but not above fixed charges; they do have some priority, so saying they have no priority is incorrect; and saying they always outrank unsecured ignores other priorities that can affect distribution (such as costs, preferential creditors, and the fixed-charge realisations).

Land covers more than just the soil. It includes the physical soil itself, the natural produce growing on it, the airspace above the surface, any buildings on the land, and portions of ground covered by water. This broader view is used in law and taxation to capture all elements that are part of ownership or use of the land, not just the dirt. The other options leave out at least one of these essential elements—natural produce, airspace, water-covered areas, or buildings—so they don’t reflect the full scope of what land encompasses.

In this area, you must show irretrievable breakdown of the marriage, and you can only petition after you have been married for at least one year. The divorce can proceed if you prove one of five facts: unreasonable behaviour, adultery, desertion, or by showing separation for two years with the other spouse’s consent, or five years if there is no consent. That combination—one year’s minimum marriage duration plus one of those five grounds—is why the correct option is the best fit. The other choices misstate the timing or the process: you don’t get a divorce after six months by mutual agreement, you don’t obtain it immediately upon filing, and mediation isn’t a mandatory precondition for divorce under this framework.

The idea behind trustees’ impartiality is to prevent bias in how the trust is run. When several trustees are involved, decisions about administration, investments, and distributions must be made without favoring one trustee’s views or interests over another’s. Acting impartially between the trustees helps ensure the process is fair, transparent, and based on merit and the trust’s best interests, rather than on personal preferences or hidden agendas. This keeps the governance of the trust sound and reduces the risk of conflicts influencing outcomes, which ultimately protects the beneficiaries and the trust’s integrity. The other options don’t fit that focus as well. Impartiality is not about acting impartially toward the government, nor about offsetting decisions between the settlor and beneficiaries in this context, and while impartiality toward beneficiaries is important, the statement that best captures the impartial process within the administration itself is acting impartially as between the trustees.

A moratorium pauses most debt payments and stops creditors from enforcing claims during the period. Debts that are not yet due aren’t required to be paid while the pause is in effect. But if a debt falls due during the moratorium, the obligation to pay still applies. That’s why the correct choice is that only debts falling due during the moratorium must be paid. Debts due before the moratorium are generally not payable during the pause, and debts due after the moratorium ends aren’t required to be paid during the moratorium.