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Book/movie review
22/08/2022
Hello, I’m not sure how to answer question 4 and 5. Please help me!!!
Advise Ms Brown of the legal situation and her chances of success. This problem is reproduced from Jonathan Barrett Understanding Company Law (4th ed,LexisNexis Wellington, 2019) at 2546. QUESTION FOUR [20 MARKS] Alina and Pete are the directors and shareholders of Cool Reads Ltd, which carries on businessas a book retailer. The company is just breaking even financially. They meet Boris, a well-known media figure, who hasjust published his ï¬Ârst novel. Boris persuades them to have thecompany purchase 100,000 copies of the novel. The copies are purchased using thecompany’s credit facility at GNZ Bank. The book is poorly reviewed in a national newspaperand does not sell. The lessor of the company’s shop contacts Alina and Pete because rentalhas not been paid on time. The company’s main supplier of books has also not been paid and Pete and Alina are expecting a call any day about that unpaid acc0unt. Alina and Pete havebeen drawing small salaries as directors, but have not received any dividends. They wish to declare a dividend now. Advise Alina and Pete on whether they, as the board of directors of Cool Reads Ltd, will beable to satisfy the requirements to properly declare a dividend. QUESTION FIVE [20 MARKS]993W Ltd runs a business which supplies commercial cookware to restaurants. Shares in993% Ltd are held equally by two cousins, Simon and Rebecca, who are also thecompany’s directors. Neither holds the title of managing director although in practice, dayâ€â€today decisions on running the business are left to Simon. Simon’s ex-wife, Debra, wasappointed as the company’s accountant. Recently, Simon saw an acrylic painting by a wellâ€â€kn0wn New Zealand artist for sale for$150,000. He thought the painting was particularly suitable for the board room and that theprice being asked was a bargain. There was no time to contact Rebecca so Simon decided togo ahead with the purchase without informing her. The vendor insisted that Simon sign awritten agreement. Rebecca, on learning ofthe purchase, is upset and seeks your legaladvice. a) Advise Rebecca whether mum! can refuse go ahead with the purchase IF 0 Simon signed the agreement as ‘director of Mud with 599mmstated to be the purchaser; and o Wuflsconstitution contains no special provisions dealing withcorporate capacity. (5 Marks} b) Now assume that WWconstitution has a provision in it requiring allcontracts over $100,000 to have board approval and to be executed by bothdirectors. lf Simon and Debra both signed the purchase agreement, as directors ofmm, but did not tell Rebecca of the purchase, would the company be boundby the agreement? Explain why or why not. (10 Marks) c) What difference, if any, would it make to your answer to (b) if, prior to enteringinto the contract. the vendor overheard Simon telling Debra that Rebecca wasunaware of the purchase? (5 Marks}
The writer is very fast, professional and responded to the review request fast also. Thank you.
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