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November 2002

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LAWS 365 Χ BUSINESS ENTITIES NOVEMBER 2002 PAGE 1 OF 3 ANSWER FOUR OUT OF THE FOLLOWING SEVEN QUESTIONS. EACH QUESTION CARRIES 20 MARKS. QUESTION ONE Ms Dee Fyant (ΑDee≅) was the sole shareholder and sole director of Abracadabra (Proprietary) Limited (ΑAbra≅). Abra has recently been wound up on the ground of its inability to pay its debts and the liquidator of Abra is anxious to know whether there are any grounds on which he can hold Dee liable for the debts of Abra, either in terms of the Companies Act 1973, or the common law. The liquidator has ascertained the following facts. (1) (2) (3) Due to the length of the company=s name, its full name was rarely used on company documents, the company almost always being referred to as ΑAbra (Pty) Ltd≅; Dee did not keep her own affairs and that of Abra separate, often mixing money of the company=s with her own money. When the audito ...
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