interests of the wider community.’ To take it into consideration‚ it is important to say that ‘pari passu’ principle is the ‘foremost principle in the law of insolvency around the world’ and it is at the very heart of the whole statutory schemes of bankruptcy and winding up. The leading authority of the ‘pari passu’ principle was received from the House of Lords decision in British Eagle International Airlines Ltd v Compagnie Nationale Air France. Vanessa Finch stated that ‘pari passu’ is ‘the normal
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This essay is an attempt at looking at the steps to be taken to ensure a floating charge will be valid and the circumstances in which a floating charge will be enforceable. This will be done in relation to advice to be given to Bank ABC Limited‚ regarding the K 20‚ 000 lent to Bwalya Limited on the security of a floating charge over the whole of its assets. The essay will therefore‚ begin to look at the legal concepts related to the above facts which are debentures and floating charges‚ as well as
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out about a huge bankruptcy her dad filed back in 2011. For some reason‚ Farrah has been able to keep this all a secret up until now. Radar Online shared the details about her dad Michael Abraham’s bankruptcy and what went down. Farrah claims to be very successful and rich‚ but that doesn’t mean that she would help dad out with his money issues. Farrah wasn’t part of the problem at all‚ and it was her dad not taking care of his issues like he should have done. This bankruptcy happened back in
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Ethics of Penn Square Bank & the Dow Corning Bankruptcy According to Norm Bowie‚ “sometimes being moral enhances the bottom line rather than reduces it” (Hartman‚ 2005‚ p108). Unfortunately‚ in the instances of Penn Square Bank and the Dow Corning bankruptcy‚ that may not have been the case. The following will examine the particulars of these situations and discuss the ethical issues present for each. Penn Square Bank Penn Square Bank was a small bank that played a large role in the Oklahoma
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Consequences of Winding Up Upon the commencement of winding up proceedings‚ the following consequences shall apply: 1. The business of the company ceases from the commencement of the winding up‚ except so far as the liquidator thinks is necessary for the beneficial winding up of the company. In such an event‚ every invoice‚ order for goods or business letter issued by the company must have the words “in liquidation” added after the name of the company. The liquidator has no power to carry on
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Introduction In this topic‚ we will try to find out about insolvent trading and how it is happened and while Company becomes insolvent what are the duties for directors in order to save unsecured creditors. We will also find out how directors become liable for their action in regard to insolvent trading and if they breach any law for insolvent trading what are the consequences they have to suffer and also law has given some defences for insolvent trading for directors in order to avoid penalty
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Who is an Unpaid seller? The seller of goods is deemed to be an "unpaid seller" (a) When the whole of the price has not been paid or tendered. (b) When a bill of exchange or other negotiable instrument has been received as conditional payment‚ and the conditions on which it was received has not been fulfilled by reason of the dishonour of the instrument or otherwise. The term seller includes any person who is in the position of a seller‚ as‚ for instance‚ an agent of the seller to whom the bill
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Running head: TERMINATION FOR DEFAULT Termination for Default DAU Advance Contracting for Mission Support CON 218 Primary Instructor: Urquhart Secondary Instructor: Callaway May 16‚ 2011 Abstract When a default termination is being considered‚ the Government shall decide which type of termination action to take and issue the submission only after review by contracting‚ and technical personnel‚ and by counsel‚ to ensure the appropriateness of the proposed action
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1248 EP-CL-35 STUDY XXXV WINDING UP OF COMPANIES NOTE: Wherever the term ‘Court’ is being used in the chapter that will be substituted by ‘Tribunal’ in accordance with vide Companies (Second Amendment) Act‚ 2002 w.e.f. a date yet to be notified. INTRODUCTION -It is the process by which a company’s life is ended and its property administered by liquidator or administrator for the benefit of creditors and members -A company can be wound up even when it is solvent DIFFERENCES BETWEEN
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DISSOLUTION AND WINDING UP DISSOLUTION - change in the relation of the partners caused by any partner ceasing to be associated in the carrying on of the business; partnership is not terminated but continues until the winding up of partnership affairs is completed WINDING UP - process of settling the business or partnership affairs after dissolution CAUSES OF DISSOLUTION: 1. Without violation of the agreement between the partners a. By termination of the definite term/ particular undertaking
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