|Monash University (MU)
|BA8013: Business & Company Law
BA8013 Business & Company Law Case Study, MU, Singapore: Barbell Ptd Ltd (“Barbell”) is a company that manufactures gym and home fitness equipment
Barbell Ptd Ltd (“Barbell”) is a company that manufactures gym and home fitness equipment. It was started by two brothers, Rocky and Ham. Both of them invested $50,000 each in the business for an equal number of shares and became Directors of the business. They wanted to have an equal say in the running of the business. The business began to experience an improvement during the COVID-19 pandemic as many people began to take an interest in home fitness.
To further expand the business, Barbell decided to bring in more investors, some of them being friends of Rocky. Due to the issuance of new shares in the company, and Ham’s inability to invest further in the company, Ham’s shareholding was diluted, and he ultimately held only 30% of the total shares in the company, the other 70% being owned by Rocky and the other investors. Two more directors were added to the Board of Directors, also friends of Rocky, to which Ham and the other shareholders were in agreement (assume there were no irregularities in the appointment of these directors and all relevant provisions under the Companies Act and other regulations were complied with).
As the business was doing well, Rocky wanted to expand into the fitness nutrition area, manufacturing and supplying low-calorie snacks and food. As more capital was needed to be injected into the company, Rocky had to find more investors. As such, Rocky ‘persuaded’ the company’s in-house accountant to better present the accounts of the firm such that the company would look more attractive to a potential investor.
Stuck with a lot of homework assignments and feeling stressed ? Take professional academic assistance & Get 100% Plagiarism free papers
The accountant thus inflated the value of certain assets and took some existing liabilities off the books. This was known only to Rocky and the two directors. Rocky kept Ham in the dark about what was done.
The company’s appointed auditor examined the accounts of the company and certified the accounts of the report as being correct. The directors also signed off on the audited accounts as being true. Armed with these certified accounts, Rocky went to meet a potential investor, Mr Shark, who was an experienced and successful businessman.
Rocky informed him of the wonderful accounts of the company and discussed the firm’s plans for expansion into the fitness nutrition area. Eventually, Mr. Shark made a decision to invest in the Barbell. An agreement was entered into between Barbell and Mr. Shark that Mr. Shark would invest $1 million into Barbell in exchange for 10% of all the total shares in Barbell.
Due to unhappiness between Rocky and Ham, Rocky wanted to remove Ham as a Director and appoint Mr. Shark as a Director. An extraordinary general meeting was convened in accordance with the company’s constitution to get shareholders’ approval to appoint Mr. Shark as a director of the company and to remove Ham as director. However, prior to the meeting, Ham had garnered support from the other shareholders to not support the resolutions to appoint Mr. Shark as a director and to remove him as director, respectively. At the extraordinary general meeting, Ham and Rocky got into a heated exchange due to the attempt to remove him as Director.
Buy Custom Answer of This Assessment & Raise Your Grades
Seeking Expert Assistance for Business & Company Law Case Study? Get top-notch online assignment help from My Assignment Help SG! Our experienced writers specialize in crafting unique case studies for Monash University (MU) students. With our case study writing service, you can expect well-researched content, thorough analysis, and impeccable referencing. Score high grades and impress your professors with our professional assistance.
- Organizational behaviour Report SUSS, Singapore: The project should focus at the possible improvement in the learning process of your life experiences
- E-Business Assignment, Singapore: an analysis of the impact of the Covid-19 pandemic on the adoption and utilisation of digital technologies
- PSY371: Performance Psychology Report, SUSS, Singapore: Interview someone you know who needs to perform (in sports, performing arts, work, school, etc.)
- law Assignment SUSS, Singapore: In early 2020, Corona Lim (a Singaporean doctor with a background in mechanical engineering)
- GER510 Applied Research In Gerontology Assignment, SUSS, Singapore: Decades Of Research Have Shown That Being Surrounded By Trees Is Good For Us
- ACC213 Introduction To Income Tax Tutor-Marked Assignment, SUSS, Singapore: Describe, Explain And Outline The Features Of Singapore’s Individual Income Tax System That Would Encourage
- Sustainable Tourism Assignment, MU, Singapore: Sustainable Tourism (ST) Has Gained Global Recognition By The Tourism Industry And Government Organizations
- Social Media Digital Marketing Report, SUSS, Singapore: Imagine That You Are The Social Media Manager Of A Small To Medium Organisation (Up To 250 Employees)
- ACC203 Managerial Accounting Assignment, SUSS, Singapore: The Company Uses Normal Costing And Manufacturing Overhead Is Applied At The Rate Of 230% Of Direct Labor Cost
- ACC203 Managerial Accounting Assignment, SUSS, Singapore: The Business Times Reported On 17 March 2022 That “Recovery In Visitor Arrivals To Singapore
UP TO 15 % DISCOUNT
Get Your Assignment Completed At Lower Prices