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Assignment Task:

Task:

Anita and her business partner Bertha had successfully run their florist shop in partnership for the last ten years. The partnership makes a large profit and Anita and Bertha pay a large amount of income tax on their respective shares of partnership profit. After their accountant tells them that they are paying a higher average tax rate than the company tax rate they decide to form a private company limited by shares to acquire the florist shop. After registering the new company in accordance with the Corporations Act, Anita and Bertha sell the florist shop to Flowers R Us Pty Ltd for $250,000. Flowers R Us Pty Ltd paid for the florist shop by providing the following consideration: Anita: 100,000 fully paid $1 shares and Cash $50,000; Bertha: 100,000 $1 shares paid to 50c on each share and $50,000 mortgage debenture secured over the florist shop. Flowers R Us Pty Ltd borrowed $50,000 from Best Bank to pay the cash amount to Anita. Anita is appointed managing director of Flowers R Us Pty Ltd at a salary of $75,000 per annum.
 

 

1. Advise Cameron and Best Bank as to whether they can recover any of the monies owed to
2. them from Anita or Bertha.
3. Advise Anita and Bertha if the Liquidator of Flowers R Us Pty Ltd can require either of

4. them to contribute towards paying the company’s debts.
5. Advise Bertha whether she has a right to recover moneys owing under the debentures
6. issued by the company to her.

 

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