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Book/movie review
22/08/2022
During the next two weeks Dithery Pty Ltd used some of these funds to purchase OTC Ltd shares to the value of approximately $4 million. Soon after the advance and the purchase of the shares, Brian created a unit trust with Dithery Pty Ltd as trustee.
Units were issued to H2O Pty Ltd at a price of $10 million. A further 10% of the units in the trust were issued to another corporation controlled by Brian, Myne2 Pty Ltd’. The trust property comprised of the shares in OTC Ltd and the residue of the $10 million advance. Over subsequent months, Dithery Pty Ltd had the opportunity of selling the OTC Ltd shares at a profit but chose not to. Eventually they were sold at a loss of $2.5 million. The residue of the $10 million advance was used by Dithery Pty Ltd to:
(i) Purchase from Myne2 Pty Ltd unlisted technology shares (they were purchased at the price Myne2 Pty Ltd had initially paid for them. They were almost worthless at the time of purchase and were ultimately sold at a loss of $3.8 million);
(ii) Make unsecured loans to further corporations controlled by Brian.
Identify the risks of liability arising from diverse sources for both the company and its officers and, in particular, define directors duties and the consequences of breaching those duties;
Describe the financing of companies by debt and equity, the rules and restrictions in place to protect creditors and shareholders as well as the rules regulating fundraising;
Use skills, including analytical and deductive reasoning, in applying the above knowledge, rules and principles of corporations law to factual situations which could arise in practice, in order to solve a problem perceptively and creatively or to have sufficient understanding of the legal issues to know what questions to ask when referring the matter for legal advice.
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The writer is very fast, professional and responded to the review request fast also. Thank you.
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