Assignment One Answer
Material facts:
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Wendy Shockett recently closed her traffic, ceased to trading, but her business non in receivership and liquidation, and has not been removed from the Companies Register.
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There atomic number 18 two shareholders in the caller. Mile who is Wendys husband hold two shares. Wendy Shockett, who is the sole director of the companionship hold rest of the shares.
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Wendy lodged an covering with Work and Income for a means tested benefit after closed her business. The application has been declined because there are two bank accounts that belonging to the attach to has assets give-up the ghosted the statutory limit.
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There is the merged wipe out discovers a company from its shareholders. Lift the corporate veil will make shareholder personal liable, which means the assets exceed the statutory limit. She is not entitled to the benefit.
Legal Issues
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Who accept the funds in two bank accounts?
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Can the corporate veil be get up?
Relevant Statute and topic law
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S 15 Companies passage 1993 states the company has separate legal personality - a company is a legal entity in its own right separate from its shareholders and continues in existence until it is removed from the New Zealand register.
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Case: Salomon v Salomon and Co Ltd [1897]
Lee v Lees Air Farming Ltd [1961]
R v McCurdy [1983]
Re Grasslands Farms Ltd [1975]
Coleman v Myers [1977]
Re Securitibank Ltd (No.2) [1978]
Savill v Chase Holdings (Wellington) Ltd
Chen v Butterfield (1996)
Official Assignee v 15 Insoll Avenue Ltd [2001]
Preston v International compute Ltd
Applications:
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The business has been closed and ceased to trading, but the business not in receivership and liquidation, the most important thing is the company has not been removed from the Companies Register, which means the company not alone ceased from the market, it still exists.
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