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D26 : Business Law

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Question:

1. Gary is a retired director who still attends directors meetings as an advisor to the company, and always discusses issues with the other directors, who usually follow his advice. Gary has the job of purchasing equipment for the company, however, under the rules of the company every director must get board approval before purchasing items over $3,000 for the company. It appears that Gary has contracted to purchase a number of items, which are well over $1m, which is more than the company can pay. The company appears to be unable to pay the debts that Gary is created, and the company might need to be wound up. What is Gary's position in the company? Is the company liable for the debts created by Gary? Can the creditors sue Gary if the company is wound up? What should the company do if it thinks it is insolvent.
 
2. A company is planning to pass a resolution to force a number of shareholders to sell their shares back to the company. These are small shareholders who never attend meetings. Many of those shareholders do not want to sell their shares, or have them confiscated. There are 5 shareholders who are the majority shareholders, and they have the power to pass any resolution put. It appears that the directors have also been removing property from the company for their own use.
What are the rights of these shareholders in this situation? Can the shareholders stop the resolution, and what about the majority directors misusing their power to take property? The minority shareholders, can they take legal action against the directors?

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