Who is the real owner of the business
The case
Sal start his business and get prospered n incorporated his company to SAL & SON private limited com.
The company started with a paid up capital of RM100, 000. He held 99,998 shares of RM1 each, which he paid for by setting-off against the price of the business which he had transferred to he company. His wife and son both held 1 share each in the company.
The company soon hit financial problems due to economic downturn. The company needed
Further capital to remain solvent. He borrowed money from banks. However, the problem still
Continues. Sal lent money to the company, secured by debentures over the company’s
Floating assets. Even this was not enough to prevent the company from sliding into
Insolvency. A week before the company went into liquidation, Sal exercised his rights under
The debenture to take possession over some of the company’s assets.
so i want to know who are the real owner
