Jon is an accountant, who also act as an agent for Tyler. He is fully acquainted with Tylers businesses and transacts for Tyler on his instructions. Tyler is currently experiencing financial difficulties. Several of his creditors are approaching Tyler in respect of their outstanding debts.

1.1.1 Briefly outline Tylers options and explain what the requirements are, should Tyler decide to declare himself insolvent? (6)

1.1.2 What are the consequences of being declared insolvent for a Tyler (6)

1.2 Tyler secures a loan from Sharky Creditors while, Z acts as a surety.

1.2.1. Explain the rights and duties of the surety (12)

1.3 Tyler continues to ask Jon to transact on his behalf and purchase a property. Tyler has limited funds and advises Jon accordingly. Jon also wishes to purchase this property for himself as an investment and is prepared to offer far more than a Tyler is. Jon does not disclose his interests to Tyler. Can Jon buy this property in his personal capacity?

1.3 1. Explain the duties of an agent (6)

1.3.2. Explain the most important duty of an agent. You are required to discuss each aspect of this duty with specific reference to 1.3