Organizational Culture in Libraries Essay

Assignment Topic iodine of the main ways in which the veil of incorporation can be lifted is when directors breach their duties. This strive question is set around the duty to forestall insolvent trading. You will need to have analyse the chapter in your prescribed text that deals with this duty and have then researched more widely by looking for at other textbooks, the relevant CCH online library, articles from the internet and journal articles. You must exercise both parts of this topic. gratify put one over sure you have REFERENCED in the body of your work ACCURATELY,. Remember, referencing shows you have researched and thought intimately what substantive will be relevant to assist you in answering the questions.Read the following scenario and answer BOTH parts (questions) at the end.OHS Solutions Pty. Ltd. is a company formed by three friends ( diethylstilboestrol, Satish and Emma) who bring varied skills and abilities to the business. Emma is an accounting graduate, De s has expertise in occupational health and safety (OHS) and Satish has an IT degree. They decided to start up a business which would provide a penetration through which the public and businesses could access (for free) information on all aspects of OHS. OHS Solutions would finance its business, and make profits, by charging businesses to advertise via their website. The directors of OHS Solutions areManaging film director DesFinance Director Emma (non executive)Director Satish (executive employed also to run the technological side of the business) Director Ying (non executive) a friend of Des and director of Support Pty. Ltd. (Support Pty. Ltd. has gone guarantor for a $50,000 loan from the Business Bank Ltd. to OHS Solutions)The Shareholders of OHS Solutions (holding equal amounts of universal shares) are Des, Emma, Satish and Support Pty. Ltd.As at January 2007 OHS Solutions had been operating for six months. It hadsome initial IT problems which prevented some of the adve rtisers material from being accessed. In order to try to help overcome these technical problems Satish engaged bother Shooters Pty. Ltd.At the February Board meeting, Satish reported that two businesses who had paid to advertise on the website were dissatisfied with what was happening and were threatening to litigate for breach of contract. Emma was unable to table any financial information as the employee who had been doing the accounts had been sick and when Emma looked at the records she comprise that they seemed to be in a bit of a mess. She did find a large account from rile Shooters that was over due. Des reported that he was disturbed by this news.He had been told by Satish that the IT problems had been fixed since Trouble Shooters had been engaged, and he had just signed a $10,000 advertising contract with Promotions Plus Pty. Ltd. to advertise the website and signed up to go to a trade show to be held in conjunction with a forthcoming OHS conference. He said this was ne eded because a number of high profile advertisers were threatening to discontinue their association with OHS Solutions unless the portal became better known.Ying just listens in disbelief at the March Board meeting. It seemed to her that OHS Solutions is being poorly managed and is flunk to make the most of a potentially profitable business opportunity. This could present an opportunity for Support Pty. Ltd. to make an offer to buy OHS Solutions at a good price. On the other hand Support Pty. Ltd. is undecided as a guarantor.Assume she consults you, an accountant, for your preliminary view about the predicament of OHS Solutions and what she should do. Assume also that the offshoot thing that comes to your mind is whether Ying herself may be vulnerable as a director of OHS Solutions for failing to prevent OHS Solutions from trading when it is insolvent.