Creative Computing Ltd buys $32,000 of silicon chips from Chekhov Components Ltd and $8,000 of screens from Baxter Production Limited to be used in assembling computers. Both firms sell their products subject to romalpa clauses and register their interests on the PPSR. Due to a glut of cheap imports, the market for computers is oversupplied, and Creative fails to pay both Chekhov and Baxter. The computers for which the silicon chips and screens were used now only have a market value of $24,000.

What can be recovered by Chekhov and Baxter? Explain your reasoning referring to relevant provisions in the PPSA.

Case Study Company Law A private limited company, Gemstones Pyt Ltd, is engaged in the business of importing and supplying jewelry as wholesalers to local market. Ali, Ahmed, Sara, Faisal and Amir are the directors of the company. The company decided that the market is becoming more competitive so they need to expand their business. To achieve their target they obtained 4 million rupees loan for the local bank. They spent all the money to increase their business. All the directors of the company did not attend the meetings of the company, Ali and Ahmed are the only ones who participate in the meetings actively. At this time Ali contacted with another retailer of jewelry company, Saad who was looking for a reliable supplier. But he doesn't want to deal with Gemstones PVt Ltd because he doesn't like the managing director Ahmed. Ali did not want to miss this great opportunity so he set up his own business and entered into a contract with Saad without telling other directors of the company. All other members were unaware about this deal. After six months Ali resigned from the director's post because the company became insolvent and could not pay interest on its loans. Important points: 1. The company became insolvent due to expansion and was unable to pay the interest on its loans. 2. Saad was a potential customer of Gemstones Put Ltd. Consider the following: 1. Point out the concepts under Company Law underlying the case study. 2. Ali's course of conduct in the light of Company Law aspect. 3. Other director's liability arising in connection with the loan incurred. Could they avoid the liability under any circumstance? 4. Is Ali liable even though he has resigned from the post of the director? 5. Te legal sanding of Ali's own company running alongside Gemstones Pvt Ltd.- X i More Info Jun 1 Sold $65,000 of common stock to Alton to start the business. 3 Paid $300 for the purchase of office supplies. 8 Paid $30,000 cash to purchase land for an office site. 12 Purchased office equipment on account, $2,800 17 Borrowed $5,000 from the bank. Alton signed a note payable to the bank in the name of the business 26 Paid $2,400 on account. 30 Revenues earned during the month included $7,000 cash and $21,000 on account. 30 Raid amalaunnel salaries 09 REA alfies cast 01 900 and utilition CiEn Print DoneQuestion 5 {25 marks} (a)Winter Ltd is in the process of winding up and Don is appointed the liquidator. He has established the following: {i} The company acquired a property in Kowloon for $31) million and it is the subject of a charge to Kowloon Bank for $21] million. The current market price of the property is $l million (ii) The company has other unencumbered noncurrent assets of $4 million (iii) The company has a bank balance of$l .04 million at Water Bank (iv) The company has not paid its tax bill of $200,013} (V) The company still owes its suppliers $4 million (w) Liquidator's fees of $E, is owed to Don (Vii) The company owes its non-executive directors a total of $2 million directors' fees (viii) The company owes each of its 4'!) employees wages of $6633\") and severance payment of $l,DD Required: Advise Don on how the assets of the company should be distributed. (please ignore the operation of the Protection of Wages Insolyllcy Ordinance} (15 marks} The phenotype which is dominant is Veil tail because we are getting more progeny that are acquiring this character. The 9% progeny expected to be hetero zygous are -100% Now let us take that the long drop, veil tail fishes are having genotype TT ( for the pure breeding fishes) Short rounded tail fishes having genotype - tt If we cross them- TTx tt Result- Tt Tt Tt Tt - F1 generation ( all our veil tailed fish) All will be Heterozygous. Now for F2 generation we will cross F1 gametes Tt x Tt TT Tt Tt tt- F2 generation % of F2 round- talled fishes are expected to be Heterozygous Is 0% because round tall Is a recessive character and It could be recessive until both the genes are same le. small t. So It couldn't be Heterozygous. 9% of F2 vell talled fishes which are expected to be Heterozygous - 50% [ In terms of the cross] Because 50% of fishes of F2 are Heterozygous and vell talled. ( This ratio Is as per the cross, not per the number of vell tailed and round talled fishes that given In the content above]