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.
Business Names: If a company has a place of business in Kenya and carries on business under a business name which does not consist of its corporate
What is hire purchase?
Explain the elements of governmental authority The theme of these draft laws is mentioned in Article 1, which says that every internationally wrongful act of a State entails th
Remedies of the Ultra Vires Lender: In Sinclair v Brougham (26) the House of Lords explained that no action or suit lies at law or in equity to recove
What is the Stability of the EMU banking sector Low currency risk, external balance and the stability of the EMU banking sector and financial markets are club goods whose benef
Sue owns a car that has 150,000 miles on it, but otherwise looks to be in very good condition. She advertises to sell the car and Ken asks her how many miles are on the c
Types oF Goods - Sales of Goods Further the Act classifies goods into: like; (i) Specific Goods Whether specific goods are "goods" like are acknowledged and agreed on
What is the principal-agent paradigm Controversies on the decisions of many state governors and other ministers can be cited as examples. Such behaviour reflects their willing
Q. What is Zone Refining? This method is used to obtain metals of very high purity. The basic principle involved in this process is similar to fractional crystallisation. A sma
Patrick works in the same office as Marian and they do not work well together. One day, Marian got credit for a job well done and Patrick got angry over it. He walked int
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