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Law: Company Law only answer two questions, but in essay format ,each question should follow issue–rules–application–conclusion format to write essay. Question 1: (10 Marks) Peter runs a soil testing business. He decides to form a company to take over the business. He is the sole shareholder and sole director. Peter sells his business to the company at an inflated price and lends the company $100,000 to help meet the cost of purchase. As security for the loan, Peter arranges a mortgage over a vacant block of land, which he transferred to the company as part of the business sale. In the first year of operation, the business makes a small profit (after paying both Peter and his daughter’s wages), but by the end of 2004 it is clear that the building industry is going through a major slump. Peter becomes desperate and works even harder. While working late into the night, Peter badly lacerates his hand and needs micro-surgery. His efforts to keep the business afloat are in vain and the company is forced into liquidation. On realization of the assets, it is found that the company has approximately $120,000 to go towards meeting creditors’ claims of $210,000: (i) If Peter is the only secured creditor, will he get his $100,000 back? (ii) Can Peter claim workers’ compensation, assuming that he is otherwise entitled to it? Question 2: (10 Marks) Peter and Pyne are members of Discord Ltd, a public company limited by shares. They hold 6 percent of the company’s issued share capital. They are strongly of the view that John, one of the directors of the company, should be immediately removed. However, Peter and Pyne are aware that John has support among the other directors, who will prevent the board of directors convening a meeting to consider John’s removal. The Replaceable Rules of the company provide that a director shall not be removed before the expiration of his/her term of office without the authority of a special resolution of the company. (i) Advise the procedure to be followed by Peter and Pyne to convene a general meeting of shareholders to remove John as a director of the company; and (ii) Advise the nature of the resolution to be passed, and the notice required to be given for convening a meeting of shareholders, for the removal of John a director of the company. (iii) Assume that Peter and Pyne are successful in their bid to remove John and the board agrees to appoint Fred in his place. Discuss the power of the board to appoint new directors.
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