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EAB 31203 Corporate law

Question

Answered

QUESTION 1

Burgundy Bhd. whose business is selling furnitures, has borrowed RM500,000 from one of its shareholder, Crimson Bhd. Sapphire Bhd., whose board of director was controlled by Burgundy, has passed a resolution to cause Sapphire to pay off Burgundy’s debt to Crimson and in return, 1 million of Crimson’s shares in Burgundy to be transferred to Violet and Magenta, Sapphire’s long serving employees and good employees for the pas 20 years, as fully paid up shares.

 

On the other hand, Emerald has a very limited funds but is keen on purchasing Burgundy’s shares. Thus, Emerald obtained a loan from Tuscany Bank for the purpose of purchasing 20,000 shares in Burgundy and 50,000 shares from Hibiscus Bhd., whose 64% of shares were held by Sapphire. Upon knowing this, Sapphire quickly provided guarantee for Emerald’s loan since the Chairman of the Board in Sapphire is Maya, one of Emerald’s friends.

 

You are the general counsel of Sapphire Bhd. You have been approached by one of the officers,  Lavender, to give your opinion on whether Sapphire Bhd. had contravened any provisions under the Companies Act 2016.

 

Your opinion, though not limited to the following, shall refer to:

 

1. Relevant common law cases;

2. Relevant statutory provisions from Companies Act 2016;

3. Relevant land mark Malaysian cases.

 

Note: Articulation of the legal principles relevant to the given facts is more important than merely regurgitating facts of the decided cases.

Note to students:

Your answer shall consist of:

1. Brief introduction on the rules of maintenance of share capital.

2. ILAC method (Issue, Law, Application and Conclusion) in paragraph and essay form (not in point/bullet/numbered form)

 

 

EAB 31203 Corporate law

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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BUS372 Legal Environment of Business

Tasks: For this unit, watch torts in action and give an oral presentation on your findings. Go to any place of business (perhaps if you have a part-time job or an internship), or use our Lynn University campus for this assignment. Then, find TWO potential tort issues that you see.   Next, ...

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LW7095 International Commercial Law

Question: The Project  is  the outcome of  independent  legal  research conducted  in  an area of  your  own choosing.  Successful  completion  of  the  project  demonstrates  Masters  level  achievement &nb ...

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Toys N Things Ltd

Page 1of 2 Answer both questions, word limit 2,000 words. 1) Toys ‘N’Things Ltd is aretail business owned by Adam and Eve, who have 50% of the shares each and both are directors. a) Explain to Adam and Eve what liability they have as shareholders for the debts of the company. b) Explain us ...

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LAW6000 Business and Corporate Law

Question 1 (20 marks)Sharleenowns a vintage furniture store inthe south east of Melbourne. There are a few such storesscattered in the area.Sharleen’s store imports vintage furnishings from various European countries.Sharleenrecently completed avery successfulend of year saleand now hopes to r ...

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