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    Sohail Haque
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    Mr Aron Salomon ran his business for 30 years. His sons wanted to become business partners, so he turned the business into a limited company. His wife and five eldest children became subscribers and two eldest sons also directors. A year later, the company became insolvent and winding up commenced.

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    Mr Aron Salomon ran his business for 30 years. His sons wanted to become business partners, so he turned the business into a limited company. His wife and five eldest children became subscribers and two eldest sons also directors. A year later, the company became insolvent and winding up commenced.

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    3 views2 pages

    Case Study of

    Uploaded by

    Sohail Haque
    Mr Aron Salomon ran his business for 30 years. His sons wanted to become business partners, so he turned the business into a limited company. His wife and five eldest children became subscribers and two eldest sons also directors. A year later, the company became insolvent and winding up commenced.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    CASE STUDY OF SOLOMON VS SOLOMONleatherLTD and Mr Aron Salomon made &CO boots

    shoes He ran his business for 30 years . His sons wanted to become business partners, so he turned the business into a limited company. His wife and five eldest children became subscribers and two eldest sons also directors. Mr Salomon too20,001 of the company's 20,007 shares. The price fixed by the contract for the sale of the business to the company was 39,000.

    Salomon was the MD of the company and as he virtually had whole of the stock and he had absolute control over the company Only a year later, the company became insolvent and winding up commenced. On winding up the statement of affairs of the company was assets 6000, Liabilities Salomon as debenture holder 10,000 and unsecured creditors 7000.

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