PBQ#2Mac and two of his colleagues (Cheez and Pie) set up a private limited company called Best Sdn. Bhd.with Mac as the Chairman holding 40% of the shares of the company, and his two colleagues asdirectors, each holding 30% of the shares. Best Sdn. Bhd. has 100,000 shares at RM1 each. Mac hasonly paid 60% of his shares whilst Pie has yet to pay 50% of his shares. Meanwhile, Cheez has fullypaid up his shares.You are to discuss the liability of each member (if any) in the event of winding up.

Liability refers to the legal responsibility or obligation of an individual or entity to settle…

Answered: PBQ#2 Mac and two of his colleagues…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter6: Corporations: Redemptions And Liquidations

Section: Chapter Questions

Problem 52P

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H

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