steam engines‚ jute and jute products‚ slide rules‚ calculators and wooden toys are some products that have either disappeared or face decline. There are three types of retrenchment strategies – Turnaround Strategies‚ Divestment Strategies and Liquidation strategies. 1. Turnaround Strategies Turn around strategies derives their name from the action involved that is reversing a negative trend. There are certain conditions or indicators which point out that a turnaround is needed for an organization
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1. It is about corporate takeover and liquidation business and it is common practice in real business world‚ but why is it so problematic? What moral issues emerge in the movie? Answer: Yes‚ it is about corporate takeover. There is a corporate raider‚ Garfield Investment‚ who wants profit by buying the New England Wire and Cable’s stocks and selling it on higher price. They knew that the company is not making profit because of the lowest product demand which is competing with new technologies product
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Enterprise Bankruptcy Law of China December‚ 1st‚ 2013 Contents A. Introduction "PRC Enterprise Bankruptcy Law" by the Standing Committee of the Tenth National People ’s Congress of the PRC on the twenty-third meeting of 27 August 2006‚ adopted in order to regulate bankruptcy process‚ fairness clearing debts‚ protection the legitimate rights and interests of creditors and debtors‚ safeguard the socialist market economic order‚ so
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filing. Composition agreement- a written document defining all of the terms of repayment and signed by all the involved parties Creditors- are the entities to whom the debts are owed Debtor- is the entity that is bankrupt and owes the debt Liquidation-all debtor’s nonexempt assets are sold Reorganization- goal to satisfy debts while reserving the business Trustee- is an independent third party who liquidates the estate’s assets and distributes the dividends to the creditors. Discussion Questions
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the effects of the commencement of the winding up on the creditors‚ the company and the employees. Winding up is the process to bring an end the existence of the company. It is also known as liquidation. When a company is liquidated‚ its structure survives the appointment of a liquidator‚ but not the liquidation. Control of assets‚ conducting business‚ and other financial affairs are transferred to the liquidator. The directors cease to have any authority. All bank accounts are frozen‚ any employment
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Agency Partnerships and companies contract through agents. Partners can be agents of the partnership; directors agents of the company. Most cases agents have actual authority If no authority then ostensible authority may apply. Associations Not for profit for members. Types: Unincorporated > 2 members Liability to outsiders uncertain Incorporated >5 members Registered Members liability limited Associated can be sued Sole Trader One person owns business Take profit and bear
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Aron Salomon was a successful leather merchant who specialized in manufacturing leather boots. For many years he ran his business as a sole proprietor. By 1892‚ his sons had become interested in taking part in the business. Salomon decided to incorporate his business as a Limited company‚ Salomon & Co. Ltd. At the time the legal requirement for incorporation was that at least seven persons subscribe as members of a company i.e. as shareholders. Mr. Salomon himself was managing director. Mr. Salomon
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voluntarily winding up 2. Creditors winding up Members voluntarily winding up: A Board Meeting is convened to transact the following business: (a) Making sure that the company can pay its debts in full within a period of three years if put into liquidation. (b) Declaration in Form No. 149 under Rule 313 of the Companies (Court) Rules‚ 1959‚ and verified by an affidavit‚ by the Directors sworn before a Judicial Magistrate on non-judicial stamp paper of Rs. 20/-. (c) The Declaration will be
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1248 EP-CL-35 STUDY XXXV WINDING UP OF COMPANIES NOTE: Wherever the term ‘Court’ is being used in the chapter that will be substituted by ‘Tribunal’ in accordance with vide Companies (Second Amendment) Act‚ 2002 w.e.f. a date yet to be notified. INTRODUCTION -It is the process by which a company’s life is ended and its property administered by liquidator or administrator for the benefit of creditors and members -A company can be wound up even when it is solvent DIFFERENCES BETWEEN
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winding up of a company. A Contributory can be past or present member and is liable to contribute to the assets of the company in the event of winding up. In the instant case‚ Mr. Gupta ceased to be a member of the Company when it went into liquidation from 15.3.2002. Thus‚ Mr. Gupta will be treated as a past member. He will not be required to contribute to the assets of the company if the following conditions are fulfilled: (1) If Mr. Gupta had ceased to be a member of the company for a period
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