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Exam (elaborations)

Exam (elaborations) company law

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This is the complete a - z note on the company law topic, you just have to go through it once and you can easily attempt the question and get A ++ grade in finals this is a marked answer by a senior professor you just need to read it and you can even write the same just need to change it a bit ...

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  • February 28, 2023
  • 4
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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a) Sarah married John in 2000. By 2009, Sarah had decided that she no

longer loved John, and might well divorce him in the future. In 2010,

Sarah inherited an office block in London worth £50 million. She

immediately transferred both her legal and her beneficial interest in

the office block to a company, Hidem Ltd. Sarah had formed Hidem in

1999 but it had never traded. It had issued one share, owned by

Sarah’s sister, Belinda. Belinda was also the only director of Hidem.

In March 2016, Sarah finally began divorce proceedings against John,

and John now wishes to claim financial relief from Sarah.

Assume that the amount of financial relief will depend on Sarah’s

wealth. Advise John whether, as a matter of company law, he will be

permitted to lift the corporate veil and treat Sarah as if she still owned

the office block.

b) Desparate Ltd has been trading at a loss for many months. It has

one director, Ollie. In January 2016, Ollie persuaded George to lend

£50,000 to Desparate. Ollie tells George: ‘Don’t worry about getting

your money back. I personally promise that Desparate is financially

secure’. In April 2016, winding-up proceedings are begun against

Desparate. Its liabilities massively exceed its assets. George has

not been paid.

Advise Ollie whether he will be liable:

(a) personally to George; and

(b) to contribute to the assets of the company.

2011 Zone B Question#6
The question required us to advise Niall, Sabrina’s former husband with regards
to whether he can bring a derivative claim against Sabrina on behalf of Citadel Ltd
of which she is the managing director. In order to ascertain whether the Court will
allow proceedings for such a claim, it is essential to assess the rules pertaining to

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