Can-Clean Ltd (CCL) & Board of Directors Case Study Law Assignment Help

Assignment Task
 

Task
Raul is a director of Can-Clean Ltd (CCL). Prateeksha and Xiang are the other directors. Freda, the company secretary, has been on leave and the board papers for the next directors’ meeting are sent later than usual. Raul is not an accountant and after reading his board papers he realises he cannot understand the financial reports that support a major investment proposal by CCL in Recycle Pty Ltd. He lacks time to seek advice before attending the meeting. At the board meeting, Raul does not wish to appear ignorant and remains silent. Prateeksha and Xiang appear so convinced of the merits of the investment, that Raul decides to follow them and supports the investment proposal.  Unbeknown to both Raul and Prateeksha, Xiang’s son. Tao, is the managing director of Recycle Pty Ltd. The decision proves to be a disaster, being based upon poorly conceived assumptions in the financial reports.
 
Required:
Xiang and Tao seek legal advice. Provide comprehensive legal advice and analysis to Xiang and Tao as regards the matters set out.  
Herbiculture Pty Ltd (HBC) is a gardening business. It has three shareholders, Magritte, Pablo, and Vince. It is successful and has turnover in excess of $2 million, and profit of $1 million. Vince would like to sell his share in HBC.
Required:
Provide legal advice to Magritte and Pablo on the legal process and issues.
Zali is the founder and managing director of Online Art Sales Pty Ltd. The company buys and sells art for established artists. Zali holds 98% of the shares. Wayne and Jack are non-executive directors and each hold 1% of the shares. Zali has indicated to Wayne and Jack that she wants to purchase their shares for $1 each. They are dismayed. The company is successful; the shares, in their opinion, are worth much more than this.    
Required:
Provide legal advice to Wayne and Jack on the relevant legal issues and options open to them.
Hegemonic Bank Ltd is a lender to small and medium businesses. It has been approached by Neville’s Nursery Pty Ltd (NN) which owns land with an office and three green-houses thereon worth $1.2 million, together with plant stock worth at any one time between $100,000 and $200,000.  NN seeks a loan of $1million from Hegemonic Bank Ltd to expand the business.
Required: Provide legal advice to Hegemonic Bank Ltd on the relevant legal issues and options open to it.
Micro Bank Ltd had provided a $10 million secured loan to Muscle Vehicles Ltd (MVL), a company that builds V8 petrol engine cars for ‘sports enthusiasts and thrill seekers’. Given the strong growth in the electric vehicle market, MVL car sales have plunged, the company is in financial distress, and it has defaulted under the loan agreement with Micro Bank Ltd. Tonya is the managing director of MVL.
Required:
Provide comprehensive legal advice to Tonya and the MVL board of directors on the legal situation and options.

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