Corporate law assignment Example | Topics and Well Written Essays - 2500 words

Corporate law - Assignment Example The constitution that governed the partnership changed and a fresh partnership was created between MGM and Pitgate. Mr. James still held a substantial share (49 percent) in their mining lease, which was still being used in the MGM and Pitgate partnership. The late Mr. James’ interest of the estate is represented by the Public Trustee since they had been appointed managers and receivers of the partnership between MGM and Mr. James and trustees of a numbers of the properties. Finally, Mr. and Mrs. Meyer directed MGM and were responds of the action. The legal issues to be determined with regards to the MDLA 415 were the entitlement of the assets benefits and whether this entitlement lies exclusively with Mr. Meyers. There were other issues such as the application for the license in paragraph 17 and also in paragraph 35 about the constructive trust, whether Mr. Meyer is entitled to the benefit of the license when the application was made by a reasonably rouge agent of the partnership and whether the entitlement is held on constructive trust. Also, in the first paragraph, we can see that major questions were asked as to whether or not certain plant and equipments were properties of the partnership and also whether Mr. Meyer was totally entitle to the benefit of the application for a Mineral Development License. It also wanted to establish whether the mining lease, though not officially held in the name of the partners, was the subject of the partnership activity. The respondent argued that no time did he ever treat Mr. James’ interest in the MDLA 295 as part of the partnership business and sought to explain why it was it was listed by him as an asset of the partnership in reference of correspondence to the applicants when asked to list partnership property upon the winding up of the partnership. The explanation given in paragraph 34 is that when he listed the asset, which had potential value to the Chillagoe Perlite partnership business venture as an