Exam (elaborations)
LML4806 Assignment 2 (COMPLETE ANSWERS) Semester 1 2025
- Course
- LML4806
- Institution
- University Of South Africa
LML4806 Assignment 2 (COMPLETE ANSWERS) Semester 1 2025
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,LML4806 Assignment 2 (COMPLETE ANSWERS)Semester 1 2025 - DUE March 2025; 100%
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explanations.
Question: You are approached by Zelda, the chairperson of the
board of directors of TMT Ltd for legal advice. She informs you
that TMT Ltd will be holding its annual general meeting (AGM)
in person next month. She further informs you that some of the
company’s shareholders and their proxies have indicated that
they will not be able to attend the AGM in person at the time it
is to be held, although they would want to participate at the
AGM and to vote on the resolutions that will be tabled for
shareholder vote. Question: i Mashudu and Peter are the only
directors of Star Engineering (Pty) Ltd. Peter was appointed as
an executive director of Star Engineering (Pty) Ltd two years ago
under a five-year contract of employment with the company.
Mashudu is concerned that for the past two financial years
Peter has been failing to ensure the timely preparation and
submission of the company's annual financial statements, and
that Peter omitted to sign the annual financial statements for
the previous financial year as the authorised director, as
required. Mashudu approaches you for legal advice regarding
the removal of a company director. Advise Mashudu on the
following matters: 1.1 Whether there is any valid basis to
remove Peter as a director of Star Engineering (Pty) Ltd. 1.2 The
procedure that must be followed and the rights that Peter has
in terms of the Companies Act 7i of zoo8 should Mashudu
, decide that he (Peter) must be removed as a director of Star
Engineering (Pty) Ltd. (12) Question: z Springbok Finance (Pty)
Ltd is one of the creditors of Falcon Airlines Ltd. The board of
directors of Falcon Airlines Ltd passed a resolution placing
Falcon Airlines Ltd in voluntary business rescue and appointed
Ntando as the business rescue practitioner. Springbok Finance
(Pty) Ltd believes that Falcon Airlines Ltd can be successfully
rescued. However, Springbok Finance (Pty) Ltd is 2 Springbok
Finance (Pty) Ltd is one of the creditors of Falcon Airlines Ltd.
The board of directors of Falcon Airlines Ltd passed a resolution
placing Falcon Airlines Ltd in voluntary business rescue and
appointed Ntando as the business rescue practitioner.
Springbok Finance (Pty) Ltd believes that Falcon Airlines Ltd can
be successfully rescued. However, Springbok Finance (Pty) Ltd is
PAGE 1 dissatisfied with the way Ntando is performing his
duties as the business rescue practitioner as he has failed to
implement the approved business rescue plan. Ntando has also
not been preparing and submitting the required monthly
reports even though the business rescue proceedings have
lasted longer than three months. Springbok Finance (Pty) Ltd
wants to appoint Andile, an experienced business rescue
practitioner in the airline industry, to replace Ntando as the
business rescue practitioner of Falcon Airlines Ltd. Explain
whether there are grounds to remove Ntando as the business
rescue practitioner, and if so whether Springbok Finance (Pty)
Ltd may appoint Andile to replace Ntando as the business
rescue practitioner of Falcon Airlines Ltd. (5)
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