Serving on a Creditor Committee
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Information on current issues involved with serving on a creditor committee. Topics include committee formation, pros, duties, areas of involvement, etc.
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- an earnest commitment to bind the bargain, which means a deposit acts as an indication the Buyer is serious in carrying out the bargain; and
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A deposit is usually paid at or upon shortly upon the buyer’s signing of the contract.
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AnscersX Multibureau Business Trade Credit Report presentation
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Sometimes it begins when a client, tenant, or customer starts to slow-pay, with the result that your accounts receivable start to accrue gradually. Other times the issue presents itself more suddenly. Either way, you find your company owed a great deal of money that looks like it may not be collected because your client/tenant/customer has filed bankruptcy, has commenced an assignment for the benefit of creditors, has been put into receivership, or is otherwise just plain insolvent. What do you do? What should you not do? The topics discussed in this webinar include the pros and cons of putting a counterparty into involuntary bankruptcy; when and how you may be able to pursue third parties (like guarantors, directors, or officers) for the amount owed; risks related to preference attack; pros and cons of sitting on a “creditors’ committee” in a Chapter 11; how to negotiate for “critical vendor” protection in Chapter 11; and practical guidance for continuing to provide goods or services to an insolvent counterparty.
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Example Exam Q&A.LAW00004 Company Law s 2 2018S.docx
Example Exam Q&A.
LAW00004 Company Law s 2 2018
Slide
1 Sample Exam
© John ORR.
This material is subject to copyright. Not
to be reproduced without written
permission from the author.
Slide
2
- Topic 3 -
*****‘Takeaways’*****
(key points to be remembered)
• Promoters and their duties
• Pre-registration Contracts
• Internal Rules (Purpose/ Role; RR &or
Constitution/ statutory contract
• Altering the company’s constitution (statutory
& general law rules)
Slide
3
Question styles & Answer
Structures
• Problem Style Q: I: Issue
L: Law
A: Apply to law to the facts
C: Conclusion
• Essay Style Q: Introduction
Body
Conclusion
Slide
4 Sample Exam – Q2.
• Q2 is a problem style question and
ILAC/HIRAC is the structure to use.
Your approach could be as follows:
• What is specifically asked?
• What is the issue?
• What is the law?
• Apply the law to the facts
• Conclude on the likely outcome.
• Ensure your response answers the
question asked.
Slide
5 Sample Exam – Q2.
Samuel is a promoter of Edmanuals Pty and
executed a contract on behalf of Edmanuals Pty
before Edmanuals had been registered.
There are two issues for discussion.
1. the pre-registration contract and
2. the duties of a promoter.
Slide
6 Sample Exam – Q2.
Issue: Pre-registration contract
The Law:
• Note that the common law relating to pre-
registration contracts has been displaced by
Part 2B.3 Corporations Act; see s.133.
Slide
7
Part 2B.3
(Contracts before registration.)
• The basic structure is:
• 131(1) company becomes bound
• 131(2) person entering the contract is liable
• 131(3) & (4) powers of the court
• 132 person released from liability by 3P
• 133 covers the field.
• ** expand on the above.
Slide
8 Sample Exam – Q2.
Pre-registration contract: Application
• Under s.131(1) Edmauals may become liable for the
pre-registration contract if, within a reasonable time,
it ratifies the contract after registration.
• Where Edmanuals fails to ratify the contract Samuel
may be liable to pay damages to Samuel’s Cars Pty
Ltd, the other party to the pre-registration contract;
s.131(2)
Slide
9 Sample Exam – Q2.
Pre-registration contract: Application
• If Samuel’s Cars Pty Ltd brings proceedings to
recover damages against Edmanuals for failing to
ratify the pre-registration contract the court has
power to do anything it considers appropriate in the
circumstances.
• Here it is unlikely the court will order the Edmanuals
to pay damages or any amount to a party to the
contract.
Slide
10 Sample Exam – Q2.
Pre-registration contract
• A promoter (Samuel) may be liable for pre-registration
contracts. However s.132 provides that a party to the
contract (Samuel’s Cars Pty Ltd) may release the
person (Samuel) from liability; s.132(1). Given the
facts it is likely that Samuel’s Cars Pty will release
Samu.
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