PROFESSIONAL PROGRAM – Page 38

BCL – L1 – Q96 – Legal implications relating to companies in difficulty or in crisis

Differentiate between receiver and liquidator, and winding up and dissolution.

Question

(a) Briefly differentiate between the following:

(i) Receiver and liquidator

(ii) Winding up and dissolution

(b) Kwame is the Finance Director of Golden Enterprises Limited, an insolvent company whose creditors have applied to the court to appoint a receiver. Kwame wants to be appointed as a receiver since he is very much vested with the details of the company and feels better placed to deal with the creditors than any new person. Alternatively, his consultancy company, Grace Consult, should be appointed as a receiver.

What is your view?

Answer

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Tags: Dissolution, Insolvency, Liquidator, Receiver, Winding up
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – Q95 – Legal implications relating to companies in difficulty or in crisis

Assess if selling all assets can cover liabilities for a struggling radio station.

Question

Kofi Amo set up a radio station, Amo FM, investing GH¢10,000 initial capital. After some years, the business is not successful. At the end of the fifth year, furniture and fixtures were worth GH¢5,000; the delivery van was valued at GH¢2,000, and Kofi lived in a small flat valued at GH¢50,000, which he owns. This house was mortgaged from Apex Finance, with an outstanding balance of GH¢40,000 to pay off the mortgage.

Now the business has hit hard times: rent for the office location has increased, and Kofi owes the landlord GH¢10,000; workers have not been paid for months, with salary arrears of GH¢7,000; the bank overdraft is GH¢15,000, and the bank has refused to extend it; Kofi has received a demand from the National Communication Authority to renew the license for GH¢8,000.

(a) If all of your assets were sold off, would you be able to meet all of your liabilities?

(b) What options do your creditors have? Is your home safe?

Answer

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Tags: Assets, Creditors, Judgement Debt, Sole proprietorship, Unlimited Liability
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – Q94 – Legal implications relating to companies in difficulty or in crisis

Explain when a company is deemed dissolved and whether it can be resuscitated.

Question

When is a company deemed to be finally dissolved? Explain whether the company can ever be resuscitated.

Answer

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Tags: Company Law, Court Order, Dissolution, Registrar of Companies, Reinstatement
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – Q93 – Legal implications relating to companies in difficulty or in crisis

Identify five situations where a court can order a company to wind up.

Question

Identify FIVE (5) situations in which a company can be ordered by court to wind up.

Answer

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Tags: Company Law, Court Order, Illegal Business, Insolvency, Winding up
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – Q92 – Legal implications relating to companies in difficulty or in crisis

State the effect on the Board of Directors when a liquidator is appointed in private liquidation.

Question

State what happens to the Board of Directors of a company limited by shares on the appointment of a Liquidator in respect of private liquidation.

Answer

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Tags: Board of Directors, Company Law, Insolvency, Liquidator, Private Liquidation
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – Q91 – Legal implications relating to companies in difficulty or in crisis

Briefly explain the concept of liquidation in company law.

Question

Briefly explain the following as used in company law:

(a) Liquidation.

(b) Winding-up.

Answer

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Tags: Company Law, Corporate Entity, Dissolution, Registrar of Companies
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – Q90 – Legal implications relating to companies in difficulty or in crisis

Discuss legal options for companies in financial distress and their implications for stakeholders.

Question

Discuss the legal options available to companies facing financial distress and the implications for stakeholders.

Answer

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Tags: Bankruptcy, Company Law, Creditors, Debt Restructuring, Financial Distress, Insolvency, Stakeholders
Level: Level 1

Topic: Legal implications relating to companies in difficulty or in crisis

BCL – L1 – Q89 – Company meetings and resolutions

Discuss AGM requirements, notice contents, consequences of non-compliance, binding decisions, and privity of contract under Ghanaian law.

Question

Kofi Amoah, the CEO of your company, is preparing for a top management meeting scheduled for 1st December 2021. One of the issues to be discussed is the effect of COVID-19 on holding shareholders’ meetings. There are views that the Annual General Meeting (AGM) must be in-person so that members can vote on resolutions to be passed. Others believe that the AGM should be virtual or hybrid.

Some shareholders believe that the items on the agenda are too many and that they would need two days to have a meaningful discussion. Kwame Boateng, a shareholder has decided not to attend the AGM if it is organized virtually.

Required:

As a business law student, your boss has requested you to present to him the following:

(a) The requirement of the Companies Act, 2019 (Act 992) on the interval between which AGM are to be held.

(b) THREE (3) things that should be covered in the notice for an AGM.

(d) Discuss whether decisions taken at the AGM will be binding on Kwame Boateng.

(e) What is meant by the doctrine of “Privity of contract” and identify TWO (2) exceptions allowed under the Contract Act, 1960 (Act 25) in Ghana?

Answer

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Tags: Annual General Meeting, Companies Act, Corporate Governance, Meetings, Notice Requirements, Privity of Contract, Shareholder Rights
Level: Level 1

Topic: Company meetings and resolutions

BCL – L1 – Q88 – Company directors and other officers

List three civil liabilities for a director breaching fiduciary duties and conflict of interest rules.

Question

As part of the duty, a director of a company stands in a fiduciary relationship towards the company and shall observe the utmost good faith towards the company in a transaction with it or on its behalf. He or She shall always act in what the director believes to be the best interests of the company as a whole to preserve its assets, further its business, and promote the purposes for which it was formed, and in a manner that a faithful, diligent, careful and skilful that ordinarily a Director would act in the circumstances. Besides, a director is not to use for his own advantage the money or property of the company or a confidential information or special knowledge obtained in his capacity.

Required:

List THREE (3) civil liabilities that are to be brought against a director who commits a breach of duty and violates the rules regarding conflict of interest.

Answer

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Tags: Breach of Duty, Civil Liabilities, Company Law, Conflict of Interest, Corporate Governance, Directors, Fiduciary Duties
Level: Level 1

Topic: Company directors and other officers

BCL – L1 – Q87 – Company meetings and resolutions

Items required in the register of members/shareholders of a company.

Question

State THREE (3) items that need to be in the register of members/shareholders of a company.

Answer

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Tags: Company Records, Legal requirements, Register of Members, Shareholders
Level: Level 1

Topic: Company meetings and resolutions

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BCL – L1 – Q96 – Legal implications relating to companies in difficulty or in crisis

Differentiate between receiver and liquidator, and winding up and dissolution.

BCL – L1 – Q95 – Legal implications relating to companies in difficulty or in crisis

Assess if selling all assets can cover liabilities for a struggling radio station.

BCL – L1 – Q94 – Legal implications relating to companies in difficulty or in crisis

Explain when a company is deemed dissolved and whether it can be resuscitated.

BCL – L1 – Q93 – Legal implications relating to companies in difficulty or in crisis

Identify five situations where a court can order a company to wind up.

BCL – L1 – Q92 – Legal implications relating to companies in difficulty or in crisis

State the effect on the Board of Directors when a liquidator is appointed in private liquidation.

BCL – L1 – Q91 – Legal implications relating to companies in difficulty or in crisis

Briefly explain the concept of liquidation in company law.

BCL – L1 – Q90 – Legal implications relating to companies in difficulty or in crisis

Discuss legal options for companies in financial distress and their implications for stakeholders.

BCL – L1 – Q89 – Company meetings and resolutions

Discuss AGM requirements, notice contents, consequences of non-compliance, binding decisions, and privity of contract under Ghanaian law.

BCL – L1 – Q88 – Company directors and other officers

List three civil liabilities for a director breaching fiduciary duties and conflict of interest rules.

BCL – L1 – Q87 – Company meetings and resolutions

Items required in the register of members/shareholders of a company.

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Differentiate between receiver and liquidator, and winding up and dissolution.

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Assess if selling all assets can cover liabilities for a struggling radio station.

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Explain when a company is deemed dissolved and whether it can be resuscitated.

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Identify five situations where a court can order a company to wind up.

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State the effect on the Board of Directors when a liquidator is appointed in private liquidation.

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Briefly explain the concept of liquidation in company law.

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Discuss legal options for companies in financial distress and their implications for stakeholders.

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Discuss AGM requirements, notice contents, consequences of non-compliance, binding decisions, and privity of contract under Ghanaian law.

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List three civil liabilities for a director breaching fiduciary duties and conflict of interest rules.

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Items required in the register of members/shareholders of a company.

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