View the step-by-step solution to:

BUSINESS LAW: Arthurs, Boulez and Coombes were the directors and sole shareholders of Driftwood Products Limited.

BUSINESS LAW:
Arthurs, Boulez and Coombes were the directors and sole shareholders of Driftwood Products Limited. After several years of hard work and considerable success, all three deiced to take a vacation together and leave their office manager in charge of the business while they were away. They flew to the Bahamas for 3 weeks of sun and fishing. While they were away, the manager instructed the company lawyer to sue a debtor who was long overdue in payment of his account. Several days after the action was started, it was learned that all three shareholders had been killed when their fishing boat overturned in a storm.

The debtor has suggested defending the action by claiming that the creditor corporation (Driftwood Products Limited) ceased to exist when all three shareholders were killed.

Is this correct? Explain the ways in which this contention may be answered.
Sign up to view the entire interaction

Top Answer

Dear Student Please find... View the full answer

Business-8085694.doc

BUSINESS LAW:
Arthurs, Boulez and Coombes were the directors and sole shareholders of Driftwood Products
Limited. After several years of hard work and considerable success, all three deiced to take...

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online