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Question: Lites Inc. has other legal problems. The local municipal taxes are 24 months overdue and the federal government is owed $30,000 in CPP and EI contributions that have not been paid for the past year. Ion Electric is one of their biggest suppliers and it is owed $70,000. The TD Bank has a $600,000 loan that was backed with a general security agreement and they have not been paid for 3 months. There are 30 workers who make $800 per week who have not been paid by Lites for the past 5 weeks. Lites shareholders had not received a dividend in 2 years, so the Directors just paid them dividends totalling $50,000. Some of the creditors have threatened to force Lites into bankruptcy. Lites wants to stay in business but is not sure if this is possible. Discuss fully what options Lites has and what would happen to Lites Inc. if it is forced into bankruptcy. Outline the steps and the rights of the creditors in this process.
Explain the legal issues and the rights and remedies
The assignment in Law deals with the topic "Legal Environment of Business". A case study about Mary, a newly joined employee who is working in the USA and Europe. She faces few issues at her work place in Europe and tries to talk to her manager who s..
This assignment is about the concept of Business Ethics & Legal Issues. The laws relating to these can be found in Antitrust laws. These laws are concerned with those large corporations which have a majority of market share, mergers and acquisitions.
Examples of securities that are exempted from the registration provisions of the 1933 Act and involving misstatement of material facts in a prospectus.
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It has been estimated that about 6,000 phoenix companies operate in Australia, costing government and the community hundreds of millions of dollars per year and impacting on individuals.
Company Law, Application of Law to Facts and Conclusion.
This assignment related to business law.
Answer all the questions under business law.
Iidentify the issue(s) raised by the facts, identify the relevant legal principles, apply the relevant legal principles to the facts, reach a conclusion.
Prepare a report and present an evaluation of the subsequent methodologies for software development in terms of cost, resources and time.
Business value and ethics, Bart agrees to put Sam's Super Bowl champion-ship autographed football in his sports store to sell for $1,500. Sam agrees to pay Bart a 15% commission for selling the ball. If Joe comes in the sports store and offers Bart ..
Advise what tax consequences arise in respect of the payments.
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