By Janet Dine, Marios Koutsias
Company Law is a whole and obtainable advisor to the criminal framework during which businesses function. Logically based and with a readable type, the textual content comprises worthy summaries for every bankruptcy, in addition to case notes. This re-creation has been completely revised and up to date and is gifted with new livery and new two-colour textual content.
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This model would certainly appear to respond more quickly to external challenges or pressures, precisely because of its ability to restructure itself through swift decision making, even in relation to crucial matters such as the rapid reallocation of labour and capital. It appears to be particularly suitable for countries with a tradition in industries which require exactly that sort of action. The fact that the world’s two leading financial centres are situated in London and New York, in countries that function as the flagship of the outsider model, is not coincidental but a direct result of the historical developments that shaped a certain economic model operating on the basis of open markets, enhanced fluidity and dispersed ownership.
Almost immediately there was a depression in the boot and shoe trade, and a number of strikes. Mr Salomon tried to keep the company afloat by lending it more money and by transferring his debentures to a Mr Broderip for £5,000, which he handed over to the company on loan. However, liquidation was not long in coming. The sale of the company’s assets did not realise enough to pay the creditors. The liquidator claimed that the debentures had been issued fraudulently and were therefore invalid. He also denied that the business had been validly transferred from Mr Salomon to the company.
This means that even if the people running the company are continuously changing, the company itself retains its identity, and the business need not be stopped and restarted with every change in the managers or members (shareholders) of the business. If the company is a limited liability company, not only is the money owned by the company regarded as wholly distinct from the money owned by those running the company, but also the members of the company are not liable for the debts of the company (except where the law has made exceptions to this rule in order to prevent fraudulent or unfair practices by those in charge).