Buzzle case summary Facts: This case concerned the collapse of a company that operated a number of retail stores that sold predominantly Apple products (authorised Apple resellers). The company (Buzzle) had been created as a result of numerous earlier companies merging their Apple reselling businesses into the new company. In order to achieve this Buzzle needed the approval of Apple to swap its existing supply contracts and credit contracts with the companies to new contracts with the merged entity
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NOVATION (Article 1291) * The extinction of an obligation through the creation of a new one which substitutes it * The substi or change of an oblig by another‚ which extinguishes or modifies the first‚ either: * by changing its object or principal conditions * by substi another in place of the debtor * by subrogating a third person in the rights of the creditor (Subrogate - Take over a legal claim or right against a third party from another party who previously owned that
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Discuss the various grounds upon which the Court can order that a company be wound up compulsorily. B.H McPherson defines winding-up as a process whereby the assets of a company are collected and realised‚ the resulting proceeds are applied in discharging all its debts and liabilities‚ and any balance which remained after paying the cost and expense of winding-up is distributed among the members according to their rights and interests or otherwise dealt with as the constitution of the company
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JAN 2012 (7b) State the effects of the commencement of the winding up on the creditors‚ the company and the employees. Winding up is the process to bring an end the existence of the company. It is also known as liquidation. When a company is liquidated‚ its structure survives the appointment of a liquidator‚ but not the liquidation. Control of assets‚ conducting business‚ and other financial affairs are transferred to the liquidator. The directors cease to have any authority. All bank accounts are
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PHILADELPHIA -- The Eagles’ Michael Vick put an end to the suspense‚ at least for Sunday’s game‚ as to who would start at quarterback against the Dallas Cowboys. "I’m not playing this week‚" Vick said. "Not this week." More From ESPN.com SheridanThe Eagles’ quarterback situation has changed quickly since Michael Vick injured his hamstring‚ writes Phil Sheridan. Analysis • More Eagles coverage Vick pulled his hamstring in the first half of the Oct. 6 game against the New York Giants.
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83-year-old Detroit carmaker putting its future in the hands of the courts‚ albeit an 11th-hour deal with Italy’s largest carmaker‚ Fiat‚ to pool technology in building new vehicles. Both the administration and Chrysler expressed hope that the bankruptcy stage would be effective and completed within 30 to 60 days‚ clearing the company’s liabilities and allowing it to emerge in healthy shape. But legal experts questioned whether this will be achievable and factory workers expressed fear for their
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Winding up of Company Section 425 of the Companies Act‚ 1956‚ deals with the winding up of companies. Winding up of company is a legal procedure to dissolve the company and put an end to its life. The company ceases to be a ‘going concern’. The term winding up is defined as‚ ‘the process by which the life of a company is ended and its property is administered for the benefit of its members and creditors.’ During the process of winding up‚ the assets of the company are sold and all the debts
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Examinership‚ Liquidation and Receivership are the three main insolvency schemes in Ireland; they are provided for in Part VII and Part VIII of the Companies Act 1963 as amended in 1990. The main differences between examinerships‚ liquidations and receivership are outline below; Examinership Examinership is a process where a Company that is insolvent or likely to become insolvent may be placed under the protection of the Court for a period of up to 100 days so as to enable the Examiner to formulate
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q BANKING LAW 1. Rights of a Banker; Banker’:- * Right of lien * Right to set off * Right of appropriation of payments. 2. Banker Regarded As A Favoured Debtor lll A CONTENT 1. Right of lien………………………………………………………………………pages 3-9 a. Introduction -what is lien? b. Types of lien c. Circumstances for exercising banker’s general lien d. Lien - an implied pledge e. Case laws f. Principles governing banker’s lien g. When is lien not permissible
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Introduction Unpaid seller which defined as any person who is in the position of a seller‚ the one to whom the bill of lading has been indorsed‚ or the one who is directly responsible for the price but has yet been paid or tendered according to Section 45 of the Sale of Goods Act 1957. This unpaid seller has certain right over the goods that is being transacted until the other party fully pay him/her. And the right of the unpaid seller is clearly defined within Section 46(1) of the Sale of Goods
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