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Undischarged Bankrupts:
S.188 provides that if an undischarged bankrupt acts as director of any company without leave of the court he shall be liable to imprisonment for a term not exceeding two years or to a fine not exceeding Shs.10,000/=, or both.
5. S.189 : Fraudulent Persons
S.189(1) empowers the court to make an order restraining a person from being appointed, or acting, as a company's director for a period not exceeding five years if-
i. The person is convicted of any offence in connection with the promotion, formation or management of a company: or
ii. In the course of a winding up, it appears that the person has been guilty of fraudulent trading (under s.323) or has otherwise been guilty, whereas an officer of the company, of any fraud or breach of duty to the company.
Form of reconstruction: Where one company transfers its undertaking (and assets) to another company in exchange for shares to be alloted direct or distributed to the members o
Game theoretic approach to multiparty coalition The seminal work, for the study of game theoretic approach to multiparty coalition formation is Ricker's (1962) titled the theor
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Presumed Agency or from Cohabitation Whether a woman who is living with a man is deemed that be his agent for purposes of acquire necessaries to the family; marriage is not n
Misfeasance: Under s.324, misfeasance proceedings may be instituted against a director, promoter, manager, liquidator or "officer" (including an auditor) of a company in liqui
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 t
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