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Corporations - Assignment Example

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The paper "Corporations Assignment" describes that problem of employee entitlements and prevention of employee hardship could be alleviated through the introduction of some employee entitlement scheme which could help to ensure that this area lacking in Insolvency law can be amended accordingly…
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Corporations Assignment
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Download file to see previous pages Sections are opposed to the principle laid out in the case of Salomon v A Salomon and Co2, wherein a company’s identity was recognized as being a separate entity, an entity that is entitled to the fundamental rights of privacy and protection that are normally granted only to individuals under the law, an entity with rights that are separate and distinct from those of the shareholders and management. The principle of establishing the Company as a distinct legal entity is set out in Section 124(1) of the Commonwealth Act which states inert Alia that “a company has the legal capacity and powers of an individual.” The Salomon case is also significant because it has established the concept of limited liability, whereby individual members are not liable for the debts of the Company, and the extent of their liability is for Company debts is limited to the extent of the unpaid amounts on their shares.3 However, Section 588G and V are significant because they also make the members of the corporation (the directors of the holding company) responsible for the debts of a Company that have led to its insolvency, thereby attributing more responsibility. In order to promote innovation and flexibility in corporate management, fundraising, investments and other corporate activity have been a matter of self-regulation under the personhood of a corporation, thus these Sections have been limited in certain conditions such as insolvency.
Nesteruk has pointed out that due to these voluntary administration provisions, a corporation functions as a person with attendant rights and obligations. However, since a corporation does not have the same moral status conditioned by reason and desire, like individuals, this has resulted in allegiance to financial markets. ...Download file to see next pagesRead More
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