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Distribution of Surplus Assets:
If the debts are paid in full the liquidator should apply what remains in repayment of capital paid on shares and then distribute any residue to those entitled to the surplus. Unless otherwise stated all shares rank equally. But the articles often provide that preference share capital is to be repaid in priority (with the implication that preference shares do not carry a right to participate in any surplus left after all paid up share capital has been paid).
A company may (by its memorandum or articles or by a resolution passed in general meeting) authorize distribution of assets (after payment of debts which must have priority) not to members but to, for example, a charity or to employees of the company. Payments to employees made after the company has ceased to carry on or has sold its business are not within its powers
Parke v. Daily News Ltd.
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Contractual Capacity of Corporations However the courts have developed known as the doctrine to "ultra vires" in order for determines the contractual capacity for legal person
Companys debts: In case a company is unable to pay its debts the creditors, or a creditor, may petition the High Court for an order to wind it up. During the winding up the me
Question: You are the manager of a restaurant and receive a letter from a customer complaining about the quality of service and the rudeness of one member of your staff. You ha
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Read Fateh Muhammad v Commissioner of Registration [2001] 2 HKLRD 659 which can be found in the westlaw HK website of our library database in which there is a summary of what the c
how do i answer a problem question in law base on the law of contract for final assesment
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