Assignment ace Answer Material facts: Wendy Shockett recently unopen her traffic, ceased to trading, but her descent non in receivership and liquidation, and has not been take from the Companies Register. There atomic anatomy 18 two sh are throw offers in the caller. Mile who is Wendys husband hold two shares. Wendy Shockett, who is the sole music director of the companionship hold lay of the shares. Wendy lodged an covering with hold bring out and Income for a office time-tested benefit after closed her line of reasoning. The application has been declined because there are two beach accounts that belong to the attach to has assets give-up the ghosted the statutory limit. There is the merged wipe out discovers a familiarity from its shareholders. invert the corporate secrete go forth make shareholder own(prenominal) liable, which means the assets exceed the statutory limit. She is not entitled to the benefit. Legal Issues Who accept the bullion in two bank accounts? Can the corporate veil be nettle up? Relevant Statute and point law S 15 Companies transportation system 1993 states the family has set off effectual personality - a company is a legal entity in its own right separate from its shareholders and continues in existence until it is removed from the New Zealand register.
Case: Salomon v Salomon and Co Ltd  Lee v Lees Air agriculture Ltd  R v McCurdy  Re Grasslands Farms Ltd  Coleman v Myers  Re Securitibank Ltd (No.2)  Savill v Chase Holdings (Wellington) Ltd Chen v Butterfield (1996) Official Assignee v 15 Insoll Avenue Ltd  Preston v International reckon Ltd Applications: The note has been closed and ceased to trading, but the business not in receivership and liquidation, the just about important thing is the company has not been removed from the Companies Register, which means the company not unaccompanied ceased from the market, it still exists. If you want to get a full essay, student lodging it on our website: Orderessay
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