The directors of Appleine lid are brothers Steve and Jack. The constitution of Applicinc ltd provides that all contracts over €1,000,000: Company & Partnership Law Essay, UOG, Ireland
| University | University Of Galway (UOG) |
| Subject | Company & Partnership Law |
The directors of Appleine lid are brothers Steve and Jack. The constitution of Applicinc ltd provides that all contracts over €1,000,000 Must be approved by the company shareholders in general meetings before the company can enter into such contracts.
The directors caused Appleinc Ltd to enter into a loan agreement with AIBC plc to borrow €2,000,000. The loan was supported by a charge given to AIBC plc.
Appleinc ltd has missed a payment and AIBC plc has threatened to appoint a receiver to Appleinc ltd_ The adult son of Steve and nephew of Jack, Eric works for Appleine ltd, he is not a director but due to his familial relationship, he does have considerable influence and power over the other employees. lie also gets special treatment because of nepotism. Eric entered into a contract to purchase goods for Appleinc Ltd for f 1,500,000.
The directors claim that the contracts are not enforceable due to a lack of authority.
Because of the litigation arising hum the above contracts, the company cash how becomes restricted. The directors decide to avoid liquidation. the company should restrict the dividend given to the shareholders for the current year. Shareholders are outraged and pass a resolution to the effect that each week their dividend is outstanding, they’re entitled to a weekly sum”.
Advise the directors of Appleinc ltd whether the above contracts & resolution can lie reduced considering corporate authority & capacity and the relevant law thereunder.
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