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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.
Revival of a Dissolved Company: Liquidation leads on to dissolution of the company. The court may, however, within the ensuing two years order that dissolution be rescinded a
Order for compulsory liquidation: The Official Receiver also calls separate meetings of creditors and of contributories within one month of the order for liquidation: s.236.
Important points - Contractual Capacity of Drunken Persons Here the following points should be notice for as: Ratification Well a drunken man who enters into
do u have this book (richard t degeorge business ethics)
ASSETS IN THE POSSESSION OF CREDITORS: If the creditor has seized assets in the course of executing a judgement for debt against the company and at the commencement of the wi
Scheme of Arrangement: The following sequence of action is necessary: (a) application is made to the court (usually by the company itself) for an order that one or more me
Termination of an Offer - Revocation Such offer is "revoked" whether the offeror changes his thinking and withdraws it as for expressly or impliedly. However to be valid suc
Classification of Precedent So as a precedent may also be classified as like; An original precedent whether it is one that creates and applies a new legal rule; o
Ben sold clothes at a market stall on weekends for a number of years. Two years ago business was very poor and Ben was forced to cease trading. Ben sold all of his remaining stock
Compulsory winding up: At the hearing other creditors of the company may oppose the petition. If so, the court is likely to decide in favour of those to whom the larger amoun
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