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non-cash assets - Coggle Diagram
non-cash assets
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quasi loans
239 - not two way valve - only concern where entering credit transaction as creditor and not beneficiary - can't make loan to director
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ruby property husband and wife owned entire share capital of plaintiff, only directors, sole asset was a property - in debt to bank, charge on property by bank - directors defaulted in obligations - bank demanded repayment and appoitned receiver - receiver appointment valid
consequences of breach
joint receivers of niltan carson v hawthorne contract entered is not void ab initio - valud until voided at instance of the company
duckwari primary remedy is voidance of arrangment and any transaction - person who contravened liable to account for breach
requisite value
kerr v conduit 25 year lease, annual rent of 25ok - landlords directors and sharheolders, sold numerous times - defendant sought to have lease void - court look at value of arrangment rather then value of the non-cash asset - actually credit transaction - onus of proving non-cash asset is of requiste value on person who invokes the section