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Wednesday, 9 November 2011

Peringatan utk diri sendiri dan semua...

Rasanya tak perlu utk ulas panjang, just to share with all of u my dear students...

Tuesday, 8 November 2011

Legal Term

Today, we will look at some of legal terms that derived from some Latin words. The legal terms are as follows:-

Abduction (pemelarian)_the wrongful taking away of a person

Abrogate ( batal)_to repeal,cancel or annul

Abeyance (the condition of an inheritance which has no present owner (a peerage)

Battery (serang-sentuh)_the direct or indirect application of unlawful force by one person upon another.

Cestui que trust _ a person for whom another is trustee: a beneficiary under a trust

Cadit quaestio_ the matter admits of no further argument

Capita ( heads)_individually ( regarding distribution of property)

Caeteris paribus (other things being equal)

Capias ad audiendum  judicium (  a writ to summon a defendant in a criminal prosecution to court to hear judgment pronounced against him)

Causa mortis (because of death) 

Cepi corpus  ( I have taken the body)_when a writ is directed to the sheriff for execution when he has defendant in custody, he returns the writ  with an endorsement stating that  he has taken him, called a return 
Cessio bonorum (Roman law)_ the surrender by a debtor of his property to his creditors

Civiliter montuus  ( civilly dead)
Commadatum ( a kind of bailment)

Compensatio (Roman law)_set off; when the Df brings up his claims against the Plf in order to have them reckoned in reduction of the Plf demand

Damnum absque injuria ( loss without wrong)_loss or damage for which there is no legal remedy.

De jure (by right)

De recte (a writ of right)

Decree (an order of a court pronounced on the hearing of a suit)

Decree nisi ( every decree of dissolution of marriage, whether for divorce or nullity, is in the first instance a decree nisi not to be made absolute until after 6 weeks unless the court orders a shorter time

Defensores (Roman law) _ an inferior class of magistrates in provincial towns

Delegatus non potest delegare ( a delegate cannot delegate) a person to whom powers have been delegated cannot delegate them to another. But trustees may appoint agents to do trust business, and are not responsible for their default, if employed in good faith.

Diem clausit extremum (he has died)

Donatio proper nuptias (Roman law)_ a gift on account of death: a gift to a bride by the bridegroom, often returned to the groom as dos

Durante minore aetate (during minority)

Essoign (freeing from a burden. An excuse made for non-appearance in an action or suit. It was in the nature of an application for time or for an adjournment, made on the first day of term)

Ex mero motu ( of ones`s own free will)

Expedit reipublicaeut finis sit litium (it is in the public interest that the decision of cases should be final)

Factum probanda (facts which require to be proved)

Frustra legis auxilium quaerit qui in legem committit (he who offends against the law vainly seeks the help of the law)

Generalibus specialibus non derogant (general things do not derogate from special things)

Habeas corpus (a prerogative writ used to challenge the detention of a person either in official custody or in private hands)

Ignorantia facti excust ignorantia juris non excusat (ignorance of those things which everyone is bound to know does not constitute an excuse)

In pari delicto, potior est condition possidentis ( where parties are equally in fault, the condition of the possessor is preferred)

Interest reipublicae ne sua re quis male utatur ( it concerns the State that no one should make a wrongful use of his property)

Leges posteriors priores contrarias abrogant (later laws abrogate prior contrary laws)

Lex posterior derogate priori ( a later act overrules an earlier one)

Lex loci contratus ( the law of the place where a contract is made)

Necessitas publica major est quam privata (public necessity is greater than a private)  

Neminem oportet legibus esse sapientiorem (it is not permitted to be wiser than the laws)

Nemo decet bis puniri pro uno delicto( no one should be punished twice for one fault) 

Nolumas leges angliae mutari ( we will not have the laws of England changed)

Non possesori incumbit necessitas probandi prosessions ad se pertinere( a person in possession is not bound to prove that what he possesses belongs to him) 

Res judicata pro veritate accitipur ( a thing adjudicated is received as the truth) 

Res ipsa loquitor( the things speaks for itself) _where there is prima facie evidence of negligence…

Thursday, 3 November 2011

Selamat Hari Raya Aidiladha

Sempena Hari raya Aidiladha yg akan jatuh pada 6 November ni, saya di sini ingin mengucapkan selamat hari raya to all my students, smoga hari raya ini akan membawa seribu kebahagian.

Dengan pesanan, jgn makan daging banyak sangat dan ingat seminggu selepas tu anda semua akan berjuang di medan peperiksaan akhir, All the Best

Wednesday, 2 November 2011

Priorities On payment of Debts

A)   Secured and unsecured Debts

All provable debts rank equally and if there are insufficient funds available to meet them all in full, they are paid proportionally.

The Act distinguishes between secured and unsecured debts.

A secure creditor need not prove his debt in a winding up and wait for payment with other unsecured creditors.

A secure creditor has the right to realize the secured assets. Meaning that, he is unaffected by a winding up.

In the case of companies, its secured creditors include debenture-holders who have fixed or floating charges over particular assets.

 Secured creditors are paid ahead of unsecured creditors. Secured creditors may  prove their debts where the debts exceed the value of the property secured.

When secured creditors prove for their debt, they lose their security and rank equally with the unsecured creditors.

B)   Preferential Debts

Sec.292 ranks the debts of particular classes of unsecured creditors in order of priority. The creditors with priority are known as preferential creditors ( debts referred as preferential debts)

Preferential creditors, between themselves ranked in priority. The scheme of priorities is only relevant if the company is insolvent and there are insufficient funds to pay all unsecured creditors in full.

Where there is the case,  preferential creditors are paid in full before any amount is paid to the others.

If there is insufficient to meet all the claims of all preferential creditors of a particular rank, they are paid proportionally

The debts of preferential creditors:-

1)    The costs, charges and expenses of winding up (including the costs of the   applicant who petitioned for winding up and remuneration of the liquidator.  

2) Wages and salaries in respect of services rendered to the company by employees within a period of four months from the commencement of winding up. Entitled to priority only in respect of the first RM 1, 500 due to each such employee.

3)   All amounts due in respect of workers` compensation , where the liability arose before winding up

4)    All amounts which are due on or before winding up, respect to vacation leave accrued

5) Any contributions accruing over the past 12 months prior to the commencement of winding up to any employee superannuation or provident or such approved retirement benefit schemes under the federal law ( income tax)

6)    Priority is given to all federal taxes which have been assessed before the time fixed for the proving of debts has expired.

Division Of Assets

One of the tasks of a liquidator is to divide the company`s assets among those persons entitled to them.
If the company is solvent, these persons are creditors and members
Creditors are paid first, then the surplus is distributed among the members
If the company wound up is insolvent, only the creditors are entitled to share its assets.

1)   Proof Of Debts

Creditors must prove their debts in order to have any entitlements.
In the case of solvent companies, s. 291(1) determines which debts are admissible to be proven against the company.( including all debts and claims against the company)

The provable debts under this section too include the sums such as damages a person may be entitled to against the company in an action which has not yet been decided.

If the company is insolvent, the provable debts are determined by reference to the provisions of the Bankruptcy Act 1967, the provisions of which are similar but not identical to s. 291(1).

One of the differences is that a creditor`s claim for damages against the company is confined.

Case of insolvent companies, damages arising from a breach of contract,promise  or breach of trust. Only where the company being wound up is solvent, can a creditor prove as yet undetermined damages arising from claims in tort.

The amount of debt is generally computed as at the commencement of the winding up. If the debts includes interest, the creditor is only entitled to prove for interest due as at the commencement of winding up.

Not all debts are provable and hence are not repaid. Unprovable debts include debts which are unenforceable because they are based on illegal transactions.

The procedure for proving debts is governed by the Companies ( Winding Up) Rules 1972.

The liquidator fixes the time within which creditors must prove their debts. Notice must be given to the creditors of the time and the fixing of the time advertised.

All creditors of the company must prove his or her debts. The formal proof of debt contains particular of the debt and is made on Sch 1, Form 55. ( except proof of debts in respect of wages, under Sch 1, Form 56.)

The liquidator must deal with a formal proof of debt within 28 days after receiving it or such further period as the court allows ( Rule 98)

If a proof of debt is rejected,the liquidator must notify the creditor within 7 days, supplying the grounds for the rejection in the maaner of Sch 1, Form 59.

Both a creditor or a contributory can appeal from the liquidator`s decision to the court. (s.279)

If there are sufficient funds, a creditor whose proof of debt is admitted is then entitled to be repaid. Such payments are referred to as dividends.

If there is insufficient funds to pay all debts, creditors are paid a proportion of their debts in accordance with priorities…( TO BE CONTINUED)


Friday, 28 October 2011

Company Secretary

In the performance of his duties, a company secretary should always observe the following codes:

i) Strive for professional competency and at all times exhibit a high degree of skill and proficiency in the performance of the duties of his office;

ii) At all times exercise the utmost good faith and act both responsibly and honestly with reasonable care and due diligence in the exercise of his powers and the discharge of the duties of his office;

iii) At all times strive to assist the company towards its proper objectives within the tenets of moral responsibility, efficiency, and administrative effectiveness;

iv) Have a clear understanding of the aims and objectives of the company, and of the powers and restrictions as provided in the Memorandum and Articles of Association of the company;

v) Be knowledgeable of law of meetings, meeting procedures, particularly quorum requirements, voting procedures and proxy provisions and be responsible for the proper administration of meetings;

vi) Neither direct for his own advantage any business opportunity that the company is pursuing, nor may he use or disclose to any party any confidential information obtained by reason of his office for his own advantage or that of others;

vii) Adopt an objective and positive attitude and give full co-operation when dealing with governmental authorities and regulatory bodies;

viii) Disclose to the board of directors or an appropriate public officer any information within his knowledge that he honestly believe suggests that a fraud is being or is likely to be practised by the company or by any of its directors or employees;

ix) Limit his secretaryship of companies to a number in which he can best and fully devote his times and effectiveness;

x) Assist and advise the directors to ensure at all times that the company maintains an effective system of internal control, for keeping proper registers and accounting records;

xi) Be impartial in his dealings with shareholders, directors and without fear or favour, use his best endeavours to ensure that the directors and the company comply with the relevant legislations contractual obligations and other relevant requirements; and

xii) Be present in person or ensure that in his absence he is so represented at the company's registered office on the days and at the hours that the office is accessible to the public;

xiii) Advise the board of directors that no policy is adopted by the company that will antagonise or offend any stakeholders of the company;

xiv) Be aware of all reporting and other requirements imposed by the statute under which the company is incorporated; and

xiv) Be aware of all reporting and other requirements imposed by the statute under which the company is incorporated; and

xv) Be present or represented at meetings and do not allow himself or his representative to be excluded or withdrawn from those meetings in a way that prejudices his professional responsibilities as secretary of company. 

Wednesday, 26 October 2011

A new lesson to new bloggers

Today is the day where I teach my students DSS2A and DSS2B how to create a blog. Some of them have the blogs, but some of them are very new with this world. So, in order for them to keep in touch with me, sharing their experiences, good news, that`s why I teach them how to create their own blogs. Maybe any news or information regarding their studies I can share with them in this blog. I hope this blog will give benefits to all my students and perhaps by next semester, I want all my students to have at least one blog each. Now, the new world has come.