Law business organisation Essay Example | Topics and Well Written Essays - 2250 words

Law business organisation - Essay ExampleThey eventually registered their business as cloistered limited corporation on May 1 with Charlie, Edwin and pass becoming the sole shareholders and directors. The initial assets of the go with are (i) the create Charlie sold to the company at 200,000 pound (ii) the computer and printer Edwin bought from Computer many Ltd. On May 15, a birthment request was received from Plumbers Mate Ltd for payment of the debt incurred by Adam for himself on March 15 (before their business was registered). Plumbers Express Ltd went into insolvent liquidation in August due(p) to bad management. The current liabilities of the company include the payment to (i) the solicitors (ii) Computer Galore Ltd and Plumbers Mate Ltd (iii) Charlies building that was sold. ... These issues include but are not restricted to (i) settling all past financial obligations (contracts and debts) the company has incurred before the liquidation (ii) holding regular meetings w ith the creditors with the hope of providing them the latest information about the companys progress (iii) and, continuing the companys business activities (s. 134 (5)). The receiver and Plumbers Mate Ltd The liquidator is not anticipate to be concerned with any financial obligation or contract any of the three plumbers, videlicet Charlie, Edwin, and Adam may have had before the company was formed on May 1. In early(a) words, Plumbers Mate Ltd should not bother the liquidator to pay for the services offered to Adam before the company was established. This acknowledgement absolves the liquidator of any financial payment to Plumbers Mate Ltd, and Adam should be duly informed to pay up his debt with the Plumbers Mate Ltd. Although, it is not indicated in the scenario that the service bought by Adam was later reverted to Plumbers Express Ltdthe hot 3 company, Adam should hold a meeting with liquidator to explain his part in the process. The Liquidator and the Creditors There is no record in the scenario that Plumber Express Ltd borrowed money directly from any deposit or financial institution, but the donation of