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 directs. S213 of the 1963 Act sections
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Henry Brown in the trade name of the Quality Store. Nonnegotiable‚ no fixed amount. B. A note for $850‚ payable to the order of TV Products Company‚ “If‚ but only if‚ the color television set for which this note is given proves entirely satisfactory to me.” Nonnegotiable‚ has a condition on it. C. A note executed by Adams‚ Burton‚ and Cady Company‚ a partnership‚ for $1‚000‚ payable to the order of Davis‚ payable only out of the assets of the partnership. Nonnegotiable‚ must be for cash
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Calibro is a company majoring in the development and production of pharmaceuticals. It is headquartered in Switzerland. Since the company aims at developing‚ improving and producing pharmaceuticals‚ intense research is an essential requirement for the company. It has established research laboratories in various countries in Europe. Teams of research specialists are entrusted with the core role of researching and improving pharmaceuticals. Recently‚ the research team was working on a new drug development
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Company law tutorial question year 3 Semester1. 1."Under the ordinary rules of law‚ a present company and a subsidiary company‚ even a 100 per cent subsidiary company‚ are distinct legal entities and in the absence of an agency contract between the two companies‚ one cannot be said to be the agent of the other. This seems to be clearly established by the rule in Salomon v. A. Salomon &
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Explain the facts‚ issues and reason in the case of Carlill v Carbolic Smoke Ball Company. FACTS The Carbolic Smoke Ball Company made a product called the "smoke ball". It claimed to be a cure for influenza and a number of other diseases‚ in the context of the 1889-1890 flu pandemic (estimated to have killed 1 million people). The smoke ball was a rubber ball with a tube attached. It was filled with carbolic acid (or phenol). The tube would be inserted into a user’s nose and squeezed at the bottom
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suits Rendell Company plus some additional control system in attaining the company’s main objectives. We will be also tackling the roles‚ functions and responsibilities of a controller in an organization. This case takes us into Rendell Company which is currently having problems between the corporate controller and the divisional controller. We assessed the advantages and disadvantages of the organization structure of Martex whether it can be applied and be implemented to Rendell Company in order to
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Assessment 2 – Individual By – Andrew Chan WILKERSON COMPANY Overview Wilkerson Company is facing a decline in profits and has attributed this to a severe price cutting exercise in their Pumps line of products‚ dropping the company’s pre-tax margin to less than 3%‚ far below the historically healthy 10% margins. It appears that gross margins on pump sales in the latest month had fallen below 20%‚ well below the budgeted gross margin of 35%. Although a recent increase to Flow Controllers
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Question 1. [Section 126] stated that a company is allow to contract through an agent and a company will be bound by the acts of its agents in the same way as any other principal. An agent’s acts bind the company into a contract with an outsider when rules of agency law applied. In this case an agent’s apparent or ostensible authority arise. This authority arise because when the receptionist represents Harry out to Micky and Harry did not specify that he wasn’t the factory manager‚ given Micky
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Established in 1967 as RTI‚ the Greatwide Company has become one of the best carriage and logistics company in the United States. Throughout the years‚ it has improved its services through the acquisition of Total Distribution‚ Nordstrom Freight Corporation‚ Dallas Mavis‚ Am-Can‚ Cargo-Master‚ Southpoint‚ and YGC logistics. With its fleet of more than 5‚000 trucks‚ Greatwide is always in the search for dedicated and reliable drivers. If you have what it takes to be part of the team‚ then try for
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Case 19-3: Brisson Company Approach This problem takes the student through a complete cycle of transactions in a standard cost system in a simple setting. It shows how such a system works‚ including the development of variances‚ and ties cost accounting to the accounting cycle the student learned in Part 1 of the book. (Brisson’s system is the same as the one depicted in Illustration 19-2.) This seems to be a valuable exercise‚ especially in helping to minimize the omnipresent problems students
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