Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can i please get help with this question in IRAC method Question I: [I a man no, Happy Valley Pty Limited recently went into liquidation.

Can i please get help with this question in IRAC method

image text in transcribed
Question I: [I a man no, Happy Valley Pty Limited recently went into liquidation. It had been a flower grower for years. but recently ran into financial trouble and is now unable to pay its debts as and when they fall due. ed accountant with a number of years of The company has 4 directors. Samue. banking experience. Lily. who is a costume designer with 20 years' experience in the fashion industry. Kevin, a highly regarded lawyer who has sat on a number of company boards and Pine, literate. Pine is only on the board who dropped out of high school as a troublesome teen and is ll Pina has no business because she is in love with Samuel and Samuel set up the company. experience (but is over-confident). She generally does not go to company meetings and has shown no interest in the affairs of the company. except on pay day. You have been appointed as the liquidator and have discovered the following tr contributed to the company's current financial troubles. 1. A deal with a seed company to provide organic almond seeds that are past and frost resistant and produce seeds all year. All the seeds failed and led to unfulfilled wholesale contracts of $50 million dollars for the company because it was unable to supply pre- existing contracts. Preliminary investigations into the organic almond seeds would have revealed the product was untested and not certified for sale. The Directors had requested the company receptionist to conduct enquiries into the seed but a report was never received at the Board Meeting that approved the deal. y, who claimed to have created a shlng and would self-regulate its ally a fraud and he 5 year loan contract. None of the ansections which 2. A $10 million 1 breakthrough fabric that never requ thickness based on se ultimately made only the first 3 monthly payments oft directors bothered to check the comp Pina was absent due to illness at the time the board approved t deliberations. Have any of the directors breached their duties of care, skill and diligence or insolvent trading to Happy Valley Pty Limited? a\" \\- 'u- a. . .r. . y e' I" '- I.\

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Business Law

Authors: Jeff Rey F. Beatty, Susan S. Samuelson

3rd Edition

978-0324826999, 0324826990

More Books

Students also viewed these Law questions