Orgainsation Business Law

Assignment One Answer Material facts: Wendy Shockett recently shut her traffic, ceased to trading, but her business non in receivership and liquidation, and has not been removed from the Companies Register. in that location atomic number 18 two shareowners in the caller. mil who is Wendys husband hold two shares. Wendy Shockett, who is the sole director of the party hold rest of the shares. Wendy lodged an covering with Work and Income for a factor tested benefit after shut her business. The application has been declined because in that respect are two trust accounts that belonging to the attach to has assets give-up the ghosted the statutory limit. There is the merged wipe out discovers a caller from its shareholders. Lift the corporate veil will make shareholder personal liable, which means the assets exceed the statutory limit. She is not entitle to the benefit. Legal Issues Who accept the funds in two bank accounts? Can the co rporate veil be get up? Relevant Statute and topic law S 15 Companies passage 1993 states the union has separate legal personality - a company is a legal entity in its own undecomposed separate from its shareholders and continues in existence until it is removed from the New Zealand register.

drive: Salomon v Salomon and Co Ltd [1897] Lee v Lees Air state Ltd [1961] R v McCurdy [1983] Re Grasslands Farms Ltd [1975] Coleman v Myers [1977] Re Securitibank Ltd (No.2) [1978] Savill v Chase Holdings (Wellington) Ltd Chen v Butterfield (1996) Official Assignee v 15 Insoll Avenue Ltd [2001] Preston v International compute Ltd Applications: The busine ss has been closed and ceased to trading, bu! t the business not in receivership and liquidation, the most strategic thing is the company has not been removed from the Companies Register, which means the company not alone ceased from the market, it still exists. If you want to get a full essay, hostel it on our website: OrderEssay.net

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