Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
General rules on statute-barred debts:
A statute-barred debt should be rejected since it is not legally enforceable. But in a members' voluntary winding up the liquidator may with the consent of all contributories pay such a debt. The general rules on statute-barred debts are:
(a) in a normal case a debt becomes statute-barred (i.e. the creditor may no longer take legal proceedings to enforce payment) if it remains unpaid for six years and the creditor does not within that time commence legal proceedings to recover it.
(b) the company becomes liable again to pay a statute-barred debt (after six years) if it issues to the creditor a written acknowledgement of its indebtedness.
The liquidator must also consider whether any debts of the company arise from contracts which are ultra vires or ultra vires the company but made by the directors without authority. The liquidator must according to his judgement of the legal position either.
(a) reject the creditor's claim as invalid if that is possible, or
(b) consider claiming compensation from the directors who made the unauthorized contract on the grounds of their misfeasance under s.323.
Explain what are the primary & secondary sources of information that you can use to conduct your research. If it is primary/secondary, or both state reasons for your answer.
Realization of Auditors: it is a mere truism to say that the value of loans and securities depends on their realization. We were told that a statement to that effect, is so u
X Co. is a retail dealer of garden tractors. Mr. Y signs a contract to buy a garden tractor for $400 but later backs out of the agreement. The tractor that Y agreed to buy is subse
Liability: The secretary is an officer of the company and thus he owes fiduciary duties to the company which are similar to those of a director, eg. he must act in
Create a Poster The summative assessment for the module is a poster session. The poster must take a theoretical perspective, supported by appropriate applied examples The p
What are the ways of aggregate demand policy To illustrate some of the issues involved in policy coordination we will focus on monetary policy. We discuss three ways in which
Incorporation Osborne's "Concise Law Dictionary" defines incorporation as a "merging together to form a single whole; conferring legal personality upon an association of indi
State the term delegated legislation. Delegated legislation: Parliament sometimes provides the capability to legislate to other bodies as like regional parliaments and go
What is hire purchase?
State article 2 of International law Article 2 states that there is no right of a State under international law to diplomatic relations; these exist by mutual consent. However
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd