Corporation law

| May 21, 2015

 

Cara was employed by Supreme Ltd, a company that buys and sells second-hand furniture. Cara was one of the best salespeople on the team. However, the company decided to dismiss her for no apparent reason. Cara decided to take action against Supreme Ltd for wrongful dismissal. The directors of Supreme Ltd called for an emergency meeting because they were worried that Cara may be successful in her action. If she was successful, Supreme Ltd may have to pay her millions of dollars, which would wipe out most of the company’s profit. They decide to restructure Supreme Ltd by transferring all of the company’s assets to a new company they created, Escape Ltd. They also ensured that all the creditors of Supreme Ltd were paid. Cara was successful in her wrongful dismissal claim and, as a consequence, the court awarded substantial damages against Supreme Ltd. However, the company could not pay the amount because it had no assets left.
Can Cara enforce the judgment against Escape Ltd?

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Presentation Outline
Business Case: Budget and Break-even Analysis

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