Company Law... Need help
I need some kinda of help on this question, I've read countless pages of books today, of which have the tiniest amount of information that could relate to the essay, so im really struggling for words. I just need some kinda of guidance please?
the question scenario is...
Ben and Mark own a company that has been under partnership for some time. on 1 June this year they incorporated a company called "Cars Ltd", with themselves as first directors.
The business has a number of cars in stages of repairs. These cars are the assets of this business, and were insured by an insurance company for £200,000 at the start of May 2014 for a one year period. On the 1 June the assets of the partnership were transferred to the company, of which Ben and Mark received 100,000 shares each which were worth £1each. However yesterday, the cars were destroyed by an accidental fire. Ben tried claiming for the cars on the insurance but the insurance company refused.
In relation to the insurance company refusing to pay compensation, do ben and mark have any legal rights to receive the compensation for their destroyed cars?
I would REALLY REALLY apppreciate any sort of guidance on this question as time is kinda against me now. Thanks
the question scenario is...
Ben and Mark own a company that has been under partnership for some time. on 1 June this year they incorporated a company called "Cars Ltd", with themselves as first directors.
The business has a number of cars in stages of repairs. These cars are the assets of this business, and were insured by an insurance company for £200,000 at the start of May 2014 for a one year period. On the 1 June the assets of the partnership were transferred to the company, of which Ben and Mark received 100,000 shares each which were worth £1each. However yesterday, the cars were destroyed by an accidental fire. Ben tried claiming for the cars on the insurance but the insurance company refused.
In relation to the insurance company refusing to pay compensation, do ben and mark have any legal rights to receive the compensation for their destroyed cars?
I would REALLY REALLY apppreciate any sort of guidance on this question as time is kinda against me now. Thanks
Hi there,
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While you're waiting for an answer, did you know we have 300,000 study resources that could answer your question in TSR's Learn together section?
We have everything from Teacher Marked Essays to Mindmaps and Quizzes to help you with your work. Take a look around.
If you're stuck on how to get started, try creating some resources. It's free to do and can help breakdown tough topics into manageable chunks. Get creating now.
Thanks!
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