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CREDITORS' VOLUNTARY WINDING UP: If no declaration of solvency is made and delivered to the registrar, the liquidation process is a creditors' voluntary winding up even if i
PENALTY FOR IMPROPER APPOINTMENT: S.161 (4) provides that if any unqualified person is appointed as auditor, the person appointed, the company and every officer i
Formation of Contract - Law of Contract However a legally binding agreement prepared between two or persons or more parties. Whereas it has also been explained as a promise o
Rights of Guarantor Against Creditor Consequently the rights of the guarantor are: like (a) Further at any time after that the guaranteed debt such has become due and such prev
1. Tort reform refers to proposed changes in the civil system that would reduce tort litigation or damages. Proposals include, among other things,putting a cap on the amount a plai
Agency by Ratification So then Agency by ratification can only arise whether: The agent purported for act to a principal and one is The alleged principal was in exi
Arbitration However this is a dispute resolution mechanism whereas disputes are settled out of the court through arbitral tribunals or arbitrators that who make arbitral words
Position in Relation to the Company: In 1882 Lord Esher in Barnett, Hoares & Co v South London Tramsways Co stated that: "A secretary is a mere servant; his position is tha
Contingent and prospective liabilities of the company: A creditor who petitions on grounds of the company's insolvency may rely on any of the following situations to show (as
V alues Basic convictions or beliefs which are specific behaviors and out- comes are more desirable compare to others. Values are judgmental in which they include our ideas
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