COMPANY LAW – EXAM NOTES Incorporation and Its Effects S117 - All companies must register with ASIC S118 – All companies must have a Number S119 – Once the company is registered with ASIC‚ the company has a separate legal existence. Separate Legal Entity The separate legal entity notion is shown in Salomon v Salomon where a company shareholder is limited to the amount of share capital they have contributed and they can not be held personally liable for the dealings of the company. This notion of
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participating personally and substantial in an official capacity in a particular manner that would have a direct and predictable effect of the financial interest on the employee‚ relatives‚ or an organization in which the employee served as officer‚ trustee‚
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1. What are the primary characteristics of a Chapter 7 bankruptcy? The primary characteristics of a Chapter 7 bankruptcy are permanent discharge of unsecured debts‚ which means that as long as there are no properties attached to the debts‚ all debts will be wiped out. Automatic stay orders a protection from the court that will stop all creditors from contacting you. They are prohibited from all harassing threats‚ lawsuits‚ phone calls‚ judgments‚ repossessions‚ and garnishments. Keep exempt
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mortgage as “$92‚855.00” instead of “$92‚885‚000.00”. This was not noticed by any one. But when United States Lines defaulted on the notes secured by the amended mortgage‚ Prudential tried to foreclose its $92‚885‚000 first mortgage. USL’s bankruptcy trustee objected‚ arguing that the mortgage should be limited to $92‚885 as typed in the amendment 1. GECC held USL notes secured by a second mortgage. GECC brought suit for a declaration that Prudential’s first mortgage was valid only for $92‚855. Both in
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Influence of Moral Reasoning CRT/205 October 21‚ 2012 Pat Evans Influence of Moral Reasoning The allegations behind the sex scandal at Penn State are horrible to say the least. However‚ with a history of abuse dating back to 1998 and an investigation that started in 2009‚ the actions of those involved in the handling of the case are called into question. In reading the article‚ “Penn State’s new villain”‚ written
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deposit in either late April or early May. The city manager for Oak Park‚ Eric Trungate‚ said that the counterfeit bills were discovered before the deposit could enter the bank. Terry’s charges include embezzlement of $20‚000 to $50‚000 by an agent or trustee and possession of counterfeit notes with intent to utter or publish. The felony charges call for a ten year and seven year sentence‚ respectively. Perhaps coincidentally‚ Terry is the second employee of Oak Park charged with embezzlement this
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full. A partial payment of $1‚566 was made by the Hollowell Company on another account that originally had amounted to $2‚486. The controller was reasonably sure this account would be paid in full because reliable reports were circulating that the trustee in bankruptcy for the Hollowell Company would pay all obligations 100 cents on the dollar. 5. The Allowance for Bad Debts was adjusted to equal 3 percent of the balance in Accounts Receivable at the end of the year. Questions 1. Analyze the effect
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The Exxon Valdez and Prince William Sound case Research the Exxon Valdez and Prince William Sound Case in Box 3.2 on page 67 of your Trusted Criminals text. Answer the following questions: What has happened to the key players since the events in this case? Since the events in the subject case‚ the environment continues to be the victims. The natural resources of Prince William Sound County have not recovered. Many people who relied on finishing as way of earning their living are still unable
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payroll checks. Four major tax withholdings are required to be withheld from payroll checks: Medicare taxes‚ state and local income taxes‚ federal income tax‚ and Social Security tax. An employer withholding taxes from an employee’s check acts as a trustee for the amounts withheld‚ this is until the amounts are turned over to the IRS or other government agencies. All businesses are required to hold withheld taxes in a separate bank
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Glick‚ 2009)‚ 5. “The health care borrower enters into a loan agreement with the governmental authority‚ the issuer of the bonds” (Zelman‚ McCue‚ & Glick‚ 2009)‚ 6. “The underwriters sell the bonds to bondholders at the public offering price‚ and the trustee provides the health care provider with the net proceeds” (Zelman‚ McCue‚ & Glick‚ 2009) An alternative to traditional equity and debt financing is leasing. Leasing is undertaken primarily for what purposes? Organizations use leases primarily because
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