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Q#1
Simon is the majority shareholder and managing director of Slowgo Pty Ltd which operates a chain of discount stores. Slowgo has very few assets and is not in a position to pay its debts. One of its main creditors is owed $500,000. The assets of Slowgo are not enough to cover this debt. Explain using case law whether the creditors can sue Simon personally?
Q#2
Ace, Brenda, Chris and Deidre run a large shoe retailing business. They decide to incorporate because they want to get the benefit of limited liability. They also wish to raise capital through the sale of shares to the public.Analysis the different types of companies and then advise what type of company should they establish?
Simon is the majority shareholder and managing director of Slowgo Pty Ltd which operates a chain of discount stores. Slowgo has very few assets and is not in a position to pay its debts. One of its main creditors is owed $500,000. The assets of Slowgo are not enough to cover this debt. Explain using case law whether the creditors can sue Simon personally?
Q#2
Ace, Brenda, Chris and Deidre run a large shoe retailing business. They decide to incorporate because they want to get the benefit of limited liability. They also wish to raise capital through the sale of shares to the public.Analysis the different types of companies and then advise what type of company should they establish?
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