LAW BARTON V ARMSTRONG

Topics: Revenue, Zero-based budgeting, Budget Pages: 2 (599 words) Published: March 2, 2014
Barton V Armstrong (1976) ac 104 Armstrong and Barton both worked in Landmark Corporation ltd. as the chairman and managing director respectively. Armstrong holding the majority shares in the public company. For an expanded period of time there had been a large amount of adversity between the parties. Armstrong’s belligerent behaviour resulted in Barton and two other directors becoming gravely discontent with his behaviour and his great mistreatment of several privileges. Also there was a belief that the company would become insolvent due to the manner in which Armstrong ran the business. The directors detached the credit facilities from the corporation. Once Armstrong discovered this he threatened Barton with death. Forcing Barton to buy Armstrong’s shares at an extensive overvalued price. Shortly after the corporation became insolvent. The case of George and Patrick has many similarities to the above case. George just like Barton, did not make the first offer and was refused to say no by threat.

Budgeting in a business sense is the planned allocation of available funds to each department within a company. Budgeting allows executives to control overspending in less productive areas and put more company assets into areas which generate significant income or good public relations. Budgeting is usually handled during meetings with accountants, financial experts and representatives from each department affected by the budgeting.

In a personal financing sense, budgeting can mean estimating monthly living expenses based on previous bills and wages. If your monthly income is a steady $3000, for example, you can subtract all of your known monthly bills from that figure even before they arrive. Some bills can be estimated and subtracted from the original income figure. The remaining balance after fixed expenses now becomes your household budget. Instead of assigning dollar amounts for sundries such as groceries,...
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