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?Earl has been employed by Flash Ltd for the past 20 years. During that time, he has also invested in the?company in the form of shares and debentures. Earl owns 5,000 ordinary shares in Flash Ltd. The shares are?of ￡1 nominal value and are fully paid-up. The debentures, to the value of ￡5,000, are secured by a fixed?charge against the land on which Flash Ltd's factory is built.?

In April it was announced that Flash Ltd was going into immediate insolvent liquidation, owing considerable?amounts of money to trade creditors. As a result of the suddenness of the decision to liquidate the company,?none of the employees received their last month's wages. In Earl's case this amounted to ￡2,000.?

35

【論述題】

?State whether Earl has any right to his unpaid wages?

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考點：Chapter21Insolvencyandadministration

?Earl will become a preferential creditor in respect of his unpaid wages and as such he will only have a claim?to have the debt paid to him after the secured creditors have been repaid in full.??

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Vlad generates a substantial income from illegal tax evasion and sought advice from Gloria (his personal accountant) on how to dispose of his illegal earnings. Gloria suggested that to disguise the source of the funds, Vlad should purchase a chain of restaurants and pass his gains from the illegal operation through the restaurants' accounts. Vlad agreed with Gloria’s proposal and appointed her as the restaurant chain’s finance director and together they passed the illegal money through the operation.

25

【論述題】

State the offence of money laundering.

State whether Gloria has any liability for money laundering.

State whether Vlad has any liability for money laundering.

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In January the board of directors of Huge plc decided to make a takeover bid for Large plc. After the decision?was taken, but before it is announced, the following chain of events occurs:?

(1) Slye, a director of Huge plc, buys shares in Large plc?

(2) Slye tells his friend Mate about the likelihood of the takeover and Mate buys shares in Large plc?

(3) At a dinner party Slye, without actually telling him about the takeover proposal, advises his brother?Tim to buy shares in Large plc and Tim does so?

28

【論述題】

?State whether Slye committed insider dealing when he bought shares in Large plc?

?State whether Mate has any liability for insider dealing?

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