200909 Enterprise Law

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Question:

Simon won S25,000 as a prize at an awards night.

In his acceptance speech, Simon thanked the donor and expressed his gratitude. He also expressed the desire to use the money to improve his hockey skills, both at the local and international levels.

Philippa, an accounting lecturer approached Simon to offer her assistance.

Simon was curious to hear what Philippa had had to share, even though it was evident that Philippa had drank alcohol.

Philippa had received recently disclosed documents that Simon had recommended to her that Simon invest all his money into shares in High Flyers Ltd.

Simon was concerned that he had no knowledge about shares. But he did understand that the money in a bank would likely not provide enough money to sustain him for the next two-years (food, accommodation, etc.).

Philippa stated that she was an expert in the field and that he could rely on her.

Philippa gave Simon the advice and he spent the money to buy shares in High Flyers Ltd. He didn’t even call Philippa because he had lost his business card.

Simon and his friend were confident that they were financially secure.

Peter and his friend went to Springfield National Park for a bushwalk.

A creek was rerouted recently and a notice from the Park Rangers stated that they were doing an environmental study on the impact of this change on existing trees, whose roots had been submerged in the new creek.

Simon and Peter visited the Park in the middle of a windy afternoon.

Jacob, a four wheel-drive vehicle, was driving them as they were swimming in the popular swimming hole.

He bumped into a tree that was still in the water.

Peter suffered serious injuries after the tree fell upon him.

Simon believed he was very fortunate and decided to host a small celebration.

He decided to go to the liquor shop to get some alcohol.

The top shelf had the bottles he wanted.

He had to stretch in order to reach the first two bottles. The second bottle he placed in his cart, while the third he was able to reach he likely overextended himself to reach.

As he was reaching for the third bottle, his footing gave way and he fell.

He fell to the ground and the third bottle broke, causing him to have his hand cut.

He will never be able groat hockey player because of the nerve damage to his hand.

Simon, who had just been treated for his hand at the hospital, was driving home when he heard that High Flyers Ltd was in liquidation.

He has lost his entire money.

Simon and Peter should be fully advised about the possibility of filing negligence claims.

Answer:

Introduction

Simon is a skilled hockey player. He won $25,000 to train internationally.

Philippa, an accountant lecturer wanted to help Simon. So she gave Simon her business card. Simon then asked her to invest shares in High Flyers Lmtd.

Philippa did not ask him about it, and he promptly lost his business card.

He took this decision because it was the wrong thing to do.

Simon and Peter, his friend, went to a National parks where construction was underway to improve the structure of trees and develop its routes.

Peter and Simon went swimming. Peter got hurt when a tree fell on him, which was part of the construction process (Mitchell 2010).

Simon went to drink at a bar on the next day. While taking the bottle, Simon fell. The bottle also fell into his hand. This injury may have an effect on his hockey skills in the future.

This is the ILAC method that was used to describe the case.

Issues

Simon’s life was impacted by three major issues.

Simon is physically and financially affected by his own negligence.

He is a great hockey player and has more future skills. It is important that he be financially sound to be able to participate in international tournaments. Philippa had the good fortune to offer her support so he was able to use her idea.

Philippa had disclosed with High Flyers Ltd Company. Simon lost his business card so he submitted the shares amount to High Flyers Ltd Company. Because he trusts any company, it is important that the reputation and review be checked first. Then details about the shares and how they are invested should be understood.

Simon was then faced with a critical problem. He lost the money because of his negligence.

Simon heard from High Flyers Ltd Company that they had liquidated their money. The money Simon invested resulted in a large loss.

High Flyers Ltd Company has acted in bad faith because it is its duty to secure the creditors who have been missed by the bank.

Simon and Peter took Peter to a national park. A notice board indicated that construction was underway by cutting down trees.

When they ignored the noticeboard and went for a swim, it became a problem.

Peter was instantly injured after a Jacob drove a four-wheeler and bumped into the tree. As the tree’s roots were in water, it fell on Peter.

Jacob is responsible for the tort of negligence. McClurg 2010.

Jacob is liable for Peter’s injuries.

Simon was going to a pub to drink alcohol. This is the third issue.

He suffered a severe cut in his nerve after he pulled out the bottle of alcohol.

This not only caused him pain but also hampered his ability to play hockey in the future.

Simon is responsible for his negligence and self-liability in the third case. His carelessness caused him to suffer a bad outcome which impacted his career and future.

Laws

Simon has lost both his money and shares in High Flyers Ltd Company. If he requests a legal guide, a legal advisor will help him to claim his shares.

Australian Corporation Act 2001, Part 1.5 says that the company’s shareholders are not liable for any company debt or liquidated condition.

The Corporation Act 2001 sections 197, 344. 588J. 588J. 588M. 1317H. The director is responsible for any company’s debts.

Although it is the responsibility of the company to provide assurance about the security and integrity of the company, these rules have been violated (Austlii.edu.au 2017).

The director of this company failed to maintain the security of the company, and as a result the company was liquidated.

Simon is the shareholder of the company and a creditor to the company. He can therefore claim money from the company for his credit.

ASIC rules allow Simon to file complaints against High Flyers Ltd Company, which can be used to recover the money he invested.

High Flyers Ltd Company did not give the required assurances to its investors because they are secured creditors.

There are two types of creditors: secured and unsecured.

Secure creditors are those who have access to company security funds and can make claims against them (Hanks 2011, 2011).

The insecure creditors hold security interests and there is a risk of them getting the money back.

Bankruptcy Act says that Simon must wait six month before he can get his money back. The company is already in liquidation so he will have to wait until then. Simon will also receive interest when he gets the money.

Simon can ask for a monetary reimbursement, but he must wait six months because the company has been liquidated. The Bankruptcy Act states that if this condition is proven to the court, the company will have to give Simon three months before the money is returned to his creditors.

Simon and Peter went to National Park where they had been working on the second case. In this instance, peter was in an accident.

Jacob, who was driving a four-wheeler, accidentally bugged a tree while Peter was swimming. It fell on Peter, which caused him to be injured (Gorriss, 2011).

Peer may sue him or seek a penalty under Tort of Negligence.

Peter’s case has the same negligence as Peter’s because the park was still under construction. They should not have been able to swim in the park, but Peter can still claim damages from Jacob for negligence and carelessness that caused Peter’s injury (McClurg (2010)).

Simon is personally liable for the drink bottle that fell on him in the third instance.

Application

Simon is a successful hockey player. It is essential that he develops his financial stability.

Philippa has provided him with economic guidance. Simon, however, has not followed any secured plan or invested money in High Flyers Ltd Company.

He should have made sure that the money was invested in a safe manner.

According to the Corporation Act 2001, a claim for money refund can be made from High Flyers Ltd Company. Section 1.5 of that act states that after six months, the money may be refunded from the company with high interest if the director of the company breaches the duty of care (Simpson 2010).

Peter can bring a claim against Jacob under ASIC rules in the second instance for blindly careless acts.

A person may charge money back for breaching tort of negligence.

Peter has the right to seek his own treatment. He may also be entitled to damages for treatment.

Peter’s damages are partially negligible. However, he may claim for Jacob’s careless acts in causing the accident and for his injury.

Simon is personally liable in the third instance because of his negligence and carelessness. Simon went to a bar and took down a bottle of liquor. However, he fell down and ten bottles also fell on him. This is the result of his own negligence.

Conclusion

This assignment is based in business enterprise law. It includes description about bankruptcy law, corporation act, and tort of neglect.

Simon is the subject of all cases.

Simon and Peter, his friend, are partially responsible for the loss in every case (Evans 2016).

Simon can seek damages from High Flyers Ltd Company in the first case. This is because the company breached its duty to not keep the money of creditors secure.

Jacob may award Peter damages in the second case for the injuries he sustained. However, Simon is liable in the third case and cannot sue anyone.

Refer to

CORPORATIONS RULE – Part 1.5 — Small Business Guide.

Delaware Corporate Law and Model Business Corporation Act: An Analysis in Symbiosis.

Law and Contemporary Problems 74(1): 107-120

Bayless Manning: Legal Capital and Model Business Corporation Act: A Essay.

Law and contemporary issues, 74(1): 211-230.

Armed and Dangerous: Tort Liability in the Negligent Storing of Firearms.

The evolution and change in Australian labour law.

Australian Journal of Labour Law, 23, 2, 61-93.

An expansion of circulating cells that resemble follicular support T cells is a fixed phenotype which identifies a subset severe systemic lupus.

Arthritis, & Rheumatism. 62(1): 234-244.

Law of bankruptcy.

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