Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mickey and Goofy are directors and equal shareholders of MG Rugs Sdn Bhd , incorporated in year 2000. T hroughout the se years t hey
Mickey and Goofy are directors and equal shareholders of MG Rugs Sdn Bhd, incorporated in year 2000. Throughout these years they built and grew their carpet business together. When Goofys son graduated from university last year, both Mickey and Goofy appointed him as director and additional shares were issued in his favour. Soon after, Goofy and his son signed a resolution to remove Mickey as a director. After Mickey left, Goofy and his son cancelled many contracts with regular customers and sold most of MG Rugs Sdn Bhds assets, using the cash obtained to start a restaurant business. Mickey plans to take action to liquidate MG Rugs Sdn Bhd, citing sections 346 and 465 of the Companies Act 2016 advised by his lawyer. Taking into account the facts above, express to Mickey whether he may succeed in his claim.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started