Nobody downloaded yet

Company Law - Essay Example

Comments (0) Cite this document
Summary
Company Law Student: Course Name: Instructor: Institution: Department: Date: This paper is intended to discuss the legal stand of the case of XYZ Ltd. and the implications arising from different issues therein. Below is a discussion of the facts discovered in the case, the legal issues arising from the facts and a discussion to each issue with relation to possible outcomes from each case scenario should a legal proceeding arise from any of them with accordance to company law in the United Kingdom and more specifically the Companies Act 2006 chapter forty six…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.2% of users find it useful
Company Law
Read TextPreview

Extract of sample "Company Law"

Download file to see previous pages had shares with a nominal value of two hundred and fifty thousand pounds which were divided equally among the four founders. XYZ Ltd. was to own all the copyrights for band’s songs which were given to the company as a consideration for the allotted shares. The four shareholders also were the directors of XYZ Ltd. Employment of Xavier as the managing director of the company followed where he was to receive an annual salary of two hundred and fifty thousand pounds. Distributable yearly profits by the company were to be paid to the shareholders as dividends but the shareholders never received a single payment in dividends. Personal issues arose amongst the band members and this brought about differences between some XYZ Ltd.’s shareholders and directors causing the band members to split and form a new band. XYZ Ltd.’s existence had led to the formation of another company XYZ Concerts Ltd. to manage and run a performance tour that was to be TUVW band in the UK in 2010. All issued shares of XYZ Concerts Ltd were held by the mother company, XYZ Ltd. The responsibilities of XYZ Concerts Ltd. ...
Xavier hired Cold Chocolate PR Consultants to help improve the band’s image in May 2011. This was after Mitt pressed Xavier to improve the bands image before the release of a new album that TUVW was working on. Cold Chocolate PR Consultants spent a hundred thousand pounds for their work and the hired consultants continued working till the end of 2011 even though the bands reputation remained extremely bad and appalling. Xavier employed Yvonne as the production manager in July 2011 and they both subsequently entered into a contract with Jump Records to produce the next five albums for the band. A payment of twenty five thousand pounds was made to XYZ Ltd. by Jump records as an advance to the total payment for the five records. Due to the bad blood between the bad members, the band never met in a single occasion since March of 2011 and two of the band members had already formed another band. In January 2012, XYZ Ltd. was pronounced insolvent though its books of account showed that the company had been insolvent since the beginning of the previous year, January 2011. At that time, the company owed the shareholders an equivalent of all dividends due to them since its incorporation, The Wyatt Hotel an equivalent of all bills incurred during their UK tour, Cold Chocolate PR Consultants an equivalent of their contracted amount as well as the amount paid by Jump Records as an advance totalling to twenty five thousand pounds. The liquidator deduced that the worth of the company as at January 2012 which was solely in the form of song copyrights was five hundred thousand pounds. Some of the issues arising in this case are discussed hereafter. First and foremost, no dividends were paid to any of the shareholders of XYZ Ltd. since its incorporation in ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Company Law Essay Example | Topics and Well Written Essays - 4000 words - 1”, n.d.)
Retrieved from https://studentshare.org/law/1403155-company-law
(Company Law Essay Example | Topics and Well Written Essays - 4000 Words - 1)
https://studentshare.org/law/1403155-company-law.
“Company Law Essay Example | Topics and Well Written Essays - 4000 Words - 1”, n.d. https://studentshare.org/law/1403155-company-law.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Company Law

Company Law

...? Company law has been an interesting matter of study since decades. In the company law a variety of difference exists between the liability of the directors or the employees and thus they are convicted based on certain situation. The paper studies two different cases and helps to analyze the difference between the judgments provided based on the variability of the situation. It also underlines the fact that the courts held matter of fraud in a serious manner. Williams Vs. Natural Life Health Foods Ltd The case of William vs. Natural Life Health foods limited is an important element of study in the company law and the contract...
6 Pages(1500 words)Essay

Company law

...? Topic (Company Law) A company acquires its legal personality after registration under the companies Act. Through incorporation, a company becomes a legal entity separate and distinct from its members who are the shareholders. Registration of a company involves delivery of memorandum of association, article of association, declaration by promoters of their intention of being formed into a company and list of directors to the registrar of companies as entailed in the companies Act. The company registration constitutes it “a body corporate.” It becomes a “legal person” or...
12 Pages(3000 words)Essay

Company law

...?Company Law Table of Contents Company Law Table of Contents 2 Question 3 Step 3 Step 2 3 Step 3 7 Step 4 7 Question 2 8 Step 8 Step 2 8 Step3 10 Step 4 10 References 11 Bibliography 13 Question 1 Step 1 The case discussed in the paper of SamTrax Pty Ltd and the Compact Bank related to the Corporations Act 2001 (CTH) specifically pertains to the duties of the directors under the specified Corporations Act. Step 2 A company is considered to subsist in a non-physical form and so, requires carrying out its activities with the assistance of other individuals. The individuals include the directors, employees or rather the agents and the secretary who are...
8 Pages(2000 words)Essay

Company law

...? Company Law No: Company Law Question No Advise Leaping Lizard Coffee Emporium Pty Ltd on whether the company will have to honor the contract for $25,000 that has not been approved and signed by the managing director. Corporations Act 2001 The Corporations Act 2001 in fact an act of Commonwealth of Australia that deals with the business entities of Australia from federating level to inter state level. It mainly focuses on companies besides other entities like partnerships / managed investment schemes1. The Corporations Act is an important legislation passed by the legislators that governs the companies in Australia. It...
8 Pages(2000 words)Essay

Company Law

...?The factual scenario raises various issues in company law relating to the legality of proposed transactions and directors duties. With regard to theproposed transactions and dissatisfaction of Ergan, Arif and Moshe as minority shareholders in the actions of Pedro and Morgan; this initially raises issues of breach of directors’ duties under the Companies Act 2006. Section 171 of the Companies Act 2006 (CA) provides that “a director of a company must- a) act in accordance with the company’s constitution, and b) only exercise powers for the purposes for which they are conferred” (CA). Section 175 of the CA further imposes a positive...
3 Pages(750 words)Essay

COMPANY LAW

...Court of Western Australia held that s440C of the Corporations Act protects receivers from conversion claims by the owner of goods subject to retention of title where the company is under administration at the time. What this indicates is that if Black Books has been placed under the receivership owing to the actions of the other two creditors—Supplier and Pressing—it is impossible for Black Books to refuse 8 ceding the ownership of the land to Lender. This is completely against the law. However, if there is a clause in the debenture or contractual agreement which claims that Black Books could offset its debt to Lender through alternative payment and not ceding the landed property, then Lender could ask...
10 Pages(2500 words)Essay

Company law

...? Company Law Section A One of the chief law issues is a conflict of interest. There is also bleach of company law as itis illegal for a company director or any shareholder to be in partnership with a competitor. This is because the party may involve itself in bringing down the other company. Teaming up with a rival company is also an action highly discouraged by law. This means that Muna has no legal power to defend the legal actions against him. He is not acting for the success of the company, which is the key objective of all directors (Banks & Banks, 2009). Rangers Ltd can proceed with the proposed alteration if Muna continues to express interest with the rival company. However, Kumar illegally helped his cousin acquire shares... in the...
4 Pages(1000 words)Essay

Company Law

...?COMPANY LAW Business law has a great bearing in the success of a business. These laws are mechanisms that have been put in place tooversee a conducive business environment. Basics fundamental business laws that apply in a business set up include, contract law, property rights, land rights, land titling system, intellectual property rights, company law, collateral law, and insolvency law (Cheesman, 2009). Note however, that the arbitration system and enforcement capacities also have a role to play as far as business law is concerned. Under this sphere are the commercial courts and the specialized economic courts. They come in when transactions between parties are not honored. Further, company law largely interprets business law... to the...
4 Pages(1000 words)Essay

Company Law

...An Evaluation of the Relevance of the Legal Capital Rules in Hong Kong in Relation to the Provisions of the Companies Ordinance Regarding Par Value Shares and the Restrictions upon Reduction of Capital and Share buy backs I. Introduction As juridical persons that maintains separate entity from their owners, corporations has the right to sue, be sue, enter into contract and borrow money on its own1. Together with this capacity comes the responsibility to perform its contractual obligations including paying debts to its creditors2. However, some provisions in the companieslaw have given corporations an escape route that can be used to circumvent the legal protection of legal capital in...
12 Pages(3000 words)Essay

Company Law

...This paper is an analysis on the notion that incorporation of companies has made it possible for individuals to have the ability of controlling companies, without them being liable for the liabilities of the company. In defending this statement, the researcher will analyze various statutes and case laws in regard to incorporation of companies, after which, the researcher will come up with a relevant conclusion. Incorporation refers to the process of legally creating a corporate entity, as separate from that of the owners of the organization1. This concept of incorporation comes with numerous advantages to the owners of the business under consideration....
8 Pages(2000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Company Law for FREE!

Contact Us