Solomon vs Solomon case gives an example of company
Answer (1)
3rd Dec, 2019
Hiii
•Salomon transferred his business of boot making, initially run as a sole proprietorship, to a company (Salomon Ltd.), incorporated with members comprising of himself and his family.
•The price for such transfer was paid to Salomon by way of shares, and debentures having a floating charge (security against debt) on the assets of the company.
•Later, when the company’s business failed and it went into liquidation, Salomon’s right of recovery
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