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!
Several rules for Fraudulent trading:
Various rules have been established to determine what is fraudulent trading:
(a) Only persons who take the decision to carry on the company's business in this way or play some active part are liable. An employee who is aware that the debts incurred may not be paid and who merely fails to inform the directors of the situation is not a "party" to carrying on business since it is not a decision or action on his part.
Case: RE MAIDSTONE BUILDING PROVISIONS (1971)
The secretary of the company also acted as financial adviser to the directors. The secretary was aware but did not tell the directors that in carrying on its business the company was incurring debts which it was not likely to pay. Proceedings were brought against the secretary for fraudulent trading.
Held:
As the secretary did not take the decision to continue trading he was not a "party" to fraudulent trading. In so far as he had failed to provide information and advice which it was his duty to give he might have been negligent but that was not an issue in these proceedings.
(b) "Carrying on business" can include a single transaction and also the mere payment of debts as distinct from making trading contracts.
Here, we have outlined the utility of National Building Code. We have explained the main features of Factories Act. Some of the provisions of Electricity Act and Rules which are re
QUESTION 1 (a) Why is it that businesses are increasingly exposed to scrutiny and criticisms? (b) Discuss four strategies which can be adopted to respond to these criticisms
QUESTION 1 In the exercise of its disciplinary power an employer can terminate an employee's contract. Should an employer decide not to terminate the contract of employment, wh
Conrad put an advertisement in a newspaper on 19 November offering to sell his motor boat for $35,000. On 21 November, Joe rang Conrad and said he was prepared to pay $30,000 for t
a) Sometime in the mid 21st century the Jones-Markus experiment attempted to create a capuchin monkey with human intelligence. The experiment, however, outdid its intentions by se
Q. What is phoenix-like activities? Phoenix activity and phoenix-like activities Many activities are referred to as "phoenixing" which do display phoenix-like characteristic
Is there a demand for paralegals in the blackbelt area of alabama
Ratification of Corporate Acts: A number of English cases which are regarded as instances of lifting the veil are those relating to informal ratification by the members of act
Explain whether Mike should be excused from not performing under the contract with Jim: Facts Mike ran an excavation business whereby he was contracted by builders to use his exca
Frank, a student at Anne Arundel Community College, is on his way to class one day. He enjoys his class very much and is looking forward to this particular class on tort law, but d
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