Solution Library

Directors’ and Auditors’ Responsibility Towards Company and Shareholders

QuestionSwim Pool Ltd has had a difficult year due to the poor work of a number of workers. It seems that the directors have not been properly monitoring the work done by the employees, and the company books show an alarming number of jobs which have had to be redone. The directors of Swim are annoy ... Read More

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Importance of Salmon V. Salmon & Co. Ltd Case in Corporate Law

QuestionSalmon v Salmon & Co Ltd [1897] AC22 was a turning point in corporate law. Explain the implications of the decision in Salmon v Salmon & Co Ltd [1897] AC22 and the approach of the courts and the Corporation Act 2001 to this case.SummaryThe question belongs to Law and it discusses abo ... Read More

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Group of People with Common Interest Forming a Limited Liability Company

QuestionCarol is one of a group of people in a country town who have a common interest in knitting. They have been meeting informally, but regularly over the last year to share and exchange among themselves, patterns and wools they have spun. In the last few months the numbers have grown and about t ... Read More

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Scope and Provisions for Establishing a Biomedical Research Company

QuestionPeter wants to establish a company to carry out biomedical research. The company is not intending to declare profits or pass them on to members for a number of years, as all money from trading will be used for further research. The company is proposed to be on a small scale with about 10 spe ... Read More

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Establishing Private Company from Family-owned Business

QuestionJulie wishes to change her personally owned flower business into a corporation - in order to raise a greater amount of capital for an expansion program. June instructs her solicitor to prepare the necessary documents for incorporation whereby she will become a shareholder, along with her chi ... Read More

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Nature of Contractual and Tortuous Liabilities in Partnership

QuestionIn the current public liability insurance debate there have been suggestions that the law on joint and several liabilities be altered. This will impact on the law of partnership. What is the nature of liability that applies to partners in a partnership for contractual and tortuous liability? ... Read More

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Promoters Making Contracts Prior to Company’s Formation and Their Liabilities

QuestionPromoters sometimes make contracts prior to the formation of a company. Explain the nature of a promoter’s liability under section 131 of the Corporations Act. SummaryThe question belongs to Law and it discusses about the liabilities of promoters of a company. It has been said in the ... Read More

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Role and Appointment of Company Secretary by a Company Under Company Law

QuestionExplain when and how companies are required to appoint a company secretary. Also explain the role of the company secretary. SummaryThe question belongs to Law and it discusses about the need for appointing a company secretary by a company. The role of a company secretary according to the pr ... Read More

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Can Company Avoid a Case by Simply Changing its Name

QuestionPaul has been wrongfully dismissed by his employer B & J Parts Pty Ltd. Paul intends to sue the company. Brad and Janet the directors of B & J Parts want to know whether they can avoid liability by simply changing the name of the company? Alternatively can they dissolve B & J Par ... Read More

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How to Return Excess Capital to Shareholders under the Corporations Act 2001

QuestionMetal Products Ltd makes all types of metal food packaging containers. Of recent times metal containers have become too expensive and the company has moved almost exclusively to making plastic coated cardboard containers. As a result, Metal Products sells its metal canning machinery and has ... Read More

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ASIC Applying to Court to Ban a Person From Becoming the Director of a Company

QuestionUpon what grounds can the ASIC apply to the Courts to have a person banned from being a director and from managing a company? In answering this question, students you may refer to recent cases of banning orders against certain prominent individuals. SummaryThe question belongs to Law and it ... Read More

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Effect of Changing Company Limited by Guarantee to Company Limited by Shares

QuestionWhat is a company limited by guarantee and what are its characteristics? Explain the procedure for a company limited by guarantee to change to a company limited by shares. Also explain the effect of such a change. SummaryThe question belongs to Law and it discusses about a company limited b ... Read More

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