Agency Partnerships and companies contract through agents. Partners can be agents of the partnership; directors agents of the company. Most cases agents have actual authority If no authority then ostensible authority may apply. Associations Not for profit for members. Types: Unincorporated > 2 members Liability to outsiders uncertain Incorporated >5 members Registered Members liability limited Associated can be sued Sole Trader One person owns business Take profit and bear
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attached to the door of a computer store the day after its parent company declared "bankruptcy" (strictly‚ put into administration) in the United Kingdom Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions‚ bankruptcy is imposed by a court order‚ often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person or other entity may have‚ and the term bankruptcy is therefore not a synonym for insolvency
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times and the liquidator was appointed salomon was entitked to be paid before the unsecured trade creditors as he was a secured creditor. In this case the trade creditors recieved nothing and the unsecured creditors claimed all the remaining assets on the ground that the company was a mere alias or agent for salomon. It was held that salomen was entitled to the remaining assets in payment of the secured debentures held by him as a company is‚ at law‚ a distinct and separate person from the people setting
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Upon appointment‚ Mr Lawson convened the creditors’ first meeting on 4 February 2012. Is this a valid meeting? (b) The creditors of RedHot Pty Ltd (Redhot) appointed Mrs Sherman as the receiver to take possession of the secured property‚ sell it and use the proceeds to repay the secured debt owed by the company. The receiver borrowed $42‚000 from Westpac bank during his appointment; however‚ there were insufficient funds available from the secured assets realisation to completely pay the debt
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means the termination of the company by stopping its business‚ collecting its assets and distributing creditors and shareholders‚ in the manner laid down in the Act. 2. Mode Of Winding Up According to section 234‚ the winding up of a company)‚ may be done in any three ways: one of the following (I) Compulsory winding up by the Court (ii) Voluntary winding up b)‚ the members or by creditors (iii) Voluntary winding up under the supervision of the court. 2.1 Compulsory Winding Up By the Court
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detriment of general creditors". Discuss and examine the reasoning in the case. One of the principle aims of insolvency law is to provide an equal‚ fair and orderly procedure in handling the affairs of insolvents ensuring that creditors receive an equal and equitable distribution of the assets of the debtor. This is the pari passu (equal sharing) principle‚ which is generally regarded as being the foremost principle of insolvency law. The rule operates to ensure that creditors of the same priority
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STUDENTS CERTIFICATE Certified that this report is prepared based on the term paper project undertaken by me on the topic Liquidation Of A Company‚ under the able guidance of Ms Rashmi Tirpathi in partial fulfillment of the requirement for award of degree of B.Com(H) from Amity University‚ Uttar Pradesh. Date -------------------- --------------- ----------------- ----------------- Ankit Sinha Ms.Rashmi Tirpathi Prof. V.
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bond the face value is repaid to the investors. 8. Contrast these types of bonds: (a) Secured and unsecured. (b) Convertible and callable. a. the difference between the two relates to the collateral with the bonds. A secured bond is secured against the assets of the firm and so in case of default the assets can be sold to repay the bondholders. In contrast unsecured bonds do not have any assets secured with them‚ these are issued against the general credit of the borrower and so in case of
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activated by those individuals or businesses that face insurmountable debts as a result of overspending or faulty business ventures. Bankruptcy is a federal program‚ which offers an individual or business entity alleviation from all debts obtained‚ both secured and unsecured. A bankruptcy filing offers relief to those in debt‚ through either liquidation or restructuring. Liquidation refers to the selling of the underlying debtor’s assets. When these assets are sold the proceeds are used to fulfill their
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Huai Kuan Khoo Chen-Fong Lin Marcin Sadowski Hasmik Saturyan Question 5 (Homework) As a public debt holder‚ would you vote for or against the proposed restructuring plan? Why‚ or why not? How would you expect Carl Icahn and the other secured and unsecured creditors of Marvel to vote? Hint: What options do public debt holders have‚ and how much would they gain under each alternative? There are three alternatives from the perspective of a public debt holder: 1. Selling their bonds straight away; 2
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