Millie bought two shares in Ruff Pty Ltd for $100,000. Millie, now a non-executive director of Ruff Pty Ltd, is unhappy with the state of affairs of the company. The following events have occurred:
– Ruff Pty Ltd’s revenue has increased 200%
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Get Help Now!– Millie has received no dividends to date and James and John, the two executive directors of Ruff Pty Ltd, have decided to pay no dividends this year
– James and John have voted themselves a large pay rise and bonus
– James and John have arranged for Ruff Pty Ltd to lease two expensive cars for their exclusive use.
Millie attends her first directors’ meeting and questions the dividend policy and asks that her objection to the lease of the cars be recorded.
James and John decide to remove Millie from the board. They hold a members’ meeting and remove Millie from the board. They then send Millie a letter offering to buy her shares for $ 100,000. Millie is happy to sell her shares but thinks that the price offered is too low. Advise Millie.
2. Marcus was a director of a small proprietary company. The company had given Marcus several low interest loans to buy a house and land for private purposes. In late 2004, the company began experiencing financial difficulties but continued to trade. At a meeting in December 2004, Marcus and a newly-appointed director, Barton, resolved to release Marcus from all his debts to the company. Subsequently, a deed of release was properly executed by the company. Barton had been appointed in haste, was unfamiliar with the company’s affairs and was prepared to follow Marcus’ advice as to his duties.
In March 2005 the company went into liquidation and a liquidator was appointed. The liquidator discovered that two years before, Marcus had given a personal guarantee to the ANZ Bank for a loan of $50,000 to the company. In both January and February 2005, a sum of $25,000 had been paid to the ANZ Bank in satisfaction of the loan. The liquidator also discovered that the company had probably been insolvent for at least six months.
In view of these facts discuss the actions that could be brought by the liquidator
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