The liability protection provided to directors as a result of incorporation is referred to as the "corporate veil". However, there are exceptions to this general rule at Common law and under Statute law, which allow lifting the veil and making the directors liable for breach of their duties. For instance, there is a duty placed on directors by the Corporations Act 2001 to make sure their company does not trade while it is insolvent. A director has a duty to prevent the company from incurring a debt
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EN PSYRES 1 RESTRUCTURING AND EMPLOYEE WELL-BEING MAIN FACTS Introduction||What are effects of restructuring on employee|| Restructuring is a permanent feature of today’s economy.|well-being?|| ||||| ||||| Through restructuring firms want to enhance their competi-||Earlier research has shown that restructuring has a nega-|| tiveness and profitability in regional and global markets. The|tive impact on health and increases risk factors that lead to poor|| PSYRES-project (Psychological
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the filing office (generally the Secretary of State). The vendor who takes the proper steps to perfect its PMSI is entitled to the cash proceeds from the sale of its merchandise. [Strong Arm Powers] Section 544(a)(1) of the Bankruptcy Code gives the trustee in bankruptcy the status of a judicial lien creditor. This allows the
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I Walnut Street Four The petition for involuntary bankruptcy for the form Walnut Street Four should be granted. The partnership is being forced in an involuntary bankruptcy by its creditor which in this case the partner Bernan is filing bankruptcy. The partner Bernan, as a good chance of the case being file because the general partnership owes their business more than $10,775. The Walnut Street Four fits into the group that can file bankruptcy since it’s either a farmer, nonprofits, banks, insurance
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Types of Winding-up There are two types of winding-up - compulsory and voluntary (s.73 (1) IA 1986) a) Compulsory Winding-up s.122 (1) & s.125 IA 1986 - judicial discretion s.122 (1) contains 7 grounds for compulsory winding up: 1) If there is a special resolution by the company that it be wound-up by the Court; 2) A company which has been registered, but not issued with a certificate to Conduct business; 3) An old company ("old" has a special meaning within the legislation, but
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5 Debt Financing and Bankruptcy Lynna Revard Trident University Abstract The purpose of this paper is to go into detail and explain the different aspects of debt financing, bankruptcy, and the outcome of Hostess Brand Inc., filing for bankruptcy. It will go into detail of what debt financing is how to avoid different aspects of it. I will also go into detail and explain not only the history of bankruptcy, but also the different chapters of bankruptcy and how each one differs
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not paying the price of the goods even after the credit period is over. The seller of the goods therefore must possess some rights which he can use to secure payment of the price. If the recovery of the price is not possible due to the reason of bankruptcy of the buyer, he must have some other remedies. The Sale of Goods Act has made elaborate provisions regarding the rights of an unpaid seller. A seller is person who sells or agrees to sell goods. But for the purpose of Chapter V of the Sales of
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reporting whereby balance sheet items are adjusted to fair values to denote a "fresh-start" upon emergence from bankruptcy. If the criteria to apply fresh-start reporting are met, the company should apply fresh-start reporting once the Court has confirmed its plan and it has emerged from Chapter 11. According to ASC 852-10-45-19, an entity must apply fresh-start reporting upon emergence from bankruptcy if it meets two criteria: 1. The reorganization value of the emerging entity immediately before the date
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2007 Movie Gallery had to close five hundred and twenty stores, which they had four thousand and five hundred stores at the time. Within a month of the closing of the five hundred stores the company filed for chapter eleven bankruptcy protections under the United States Bankruptcy Code. (Wikipedia, 2014). Stock prices drop to all time lows which unfortunately lead to the company being liquidated to settle claims in 2010. In comparison Red Box Video Company in conjunction with Mc Donald Venture, LLC
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to living in the U.S poor. Not speaking the language and having to do everything for themselves. In Korea the Kim family had wealth and all of the luxuries that came with it and we forced to flee to the U.S when the father went bankrupt because bankruptcy was punishable by jail time. The author took public transportation for the first time at 13 years old. This was strange for her because before she was driven to school. She also had difficulties understanding some of the terms used here such as
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