carry on the business of the company 3. Where - a. a director fails to comply with subsection (1): b. at the time of that failure the company was unable to pay its debts as they fell due; and c. the company is subsequently placed in liquidation‚ the Court may‚ on the application of the liquidator or of a creditor of the company‚ make an order that the director shall be liable for the whole or any part of any loss suffered by creditors of the company as a result of the company continuing
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Introduction There are many different forms of business entities available‚ a recent one being limited liability partnerships (LLP)‚ created by the Limited Liability Partnership Act 2000 (LLPA). This act came into force on the 6th of April 2001. As‚ LLP’s have qualities similar to partnerships‚ they are seen as a hybrid between a partnership and a company. An LLP is a ‘corporate body’ with ‘separate legal personality’‚ distinct from its members. Members enjoy limited liability and are not jointly
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The recent statistics on bankruptcy in America are staggering. Weather more people are actually unable to control the amount of debt they have or they are just being irresponsible and taking the easy way out‚ in recent decades the numbers have continued to rise‚ so much that our government has stepped in to address the issue making it harder to qualify for this bankruptcy. In this essay I will discuss what bankruptcy is‚ what causes bankruptcy and how to avoid it? Bankruptcy is a term used to define
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Draft Term Sheet for Alliance of Angels This draft term sheet‚ by Dan Rosen‚ CEO Dan Rosen & Associates‚ is for use by Alliance of Angels members as a starting point in negotiating seed stage deals. The AoA lead investor is noted as in the document. Each party in such deals should seek appropriate legal counsel. Except for the section titled “Exclusivity‚” this term sheet does not create a legally binding obligation on any person or entity. Company name Acme‚ Inc Location Type
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dividends on preferred shares are paid. Ordinary share holders may not receive dividend payments every year‚ and payments to ordinary shareholders depend on reinvestment decisions made by the company directors. In an event of the company facing liquidation‚ the ordinary shareholders will be the last to receive their share of funds‚ after the creditors and preference shareholders are paid. As such ordinary shares are riskier than bonds or preference shares. Ordinary shares are also referred to as ‘common
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Kim Electronics (Kimtron). Product. Kim Electronics (Kimtron) is the wholly owned Korean affiliate of Fairtel‚ a U.S. electronic component manufacturer. Fairtel manufactures customized integrated circuits (Ics) for use in computers ‚ automobiles‚ and robots. Kimtron has been Fairtel’s distribution affiliate in Korea‚ but consideration is now being given to making Kimtron a manufacturing affiliate. Kimtron’s products would be sold primarily in Korea‚ and all sales would be denominated in Korean
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coming year. Forty-one percent of total liabilities for the company are loans payable to stockholders; therefore management is reluctant to create additional financing through debt. The company will finance the merger through sale of stocks‚ and liquidation of excess equipment because cash on hand is relatively small. The merger will allow unnecessary extra equipment and inventory to also be sold to finance the new‚ united
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accounting entity‚ may be represented in an account by itself‚ e.g. wages‚ telephone expense‚ motor vehicle‚ Cash at bank‚ Investment - Book-keeping : This is the recording of the financial transactions of a business in a systematic manner‚ so that relevant financial data may be extracted when needed. - Accounting : This is a more comprehensive step than book-keeping. It involves the classifying‚ recording‚ compiling‚ reporting and interpreting the financial
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Corporate Level Strategies Kinds of Grand Strategies: * Stability Strategies * Growth Strategies * Retrenchment Strategies * Combination Strategies Stability Strategies The basic approach is ‘maintain present course: steady as it goes.’ In an effective stability strategy‚ companies will concentrate their resources where the company presently has or can rapidly develop a meaningful competitive advantage in the narrowest possible product-market scope consistent with the firm’s
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The Holocaust systematically murdered 11 million people across Europe‚ more than half of those people were Jewish. The Jews were blamed for the German’s failures‚ such as World War I. As a result‚ Hitler established anti-Semitism throughout his army and the majority of Europe. The Holocaust consisted of three phases to annihilate the Jews. The phases did not create racial purity and they did not successfully annihilate all of the Jews as the Nazi party planned. The first phase began when the Nuremburg
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