George has inherited a business operation from his father and he comes to you frustrated as he asked the Accountant of the business to close it down as he wants nothing to do with it and wants to walk away from the business as he has no interest in running it. The Accountant said you just cannot do that as you are the only Director and shareholder of the company that owns and operates the business.

George says that he never wanted the business and does not see why it is problem to fix. Explain to George what a company is and the convention of ownership that makes it his issue and why he just cannot walk away as he is now the legal owner and is liable for its operations.

helpful resource:

https://www.australiancontractlaw.com

https://www.accc.gov.au