separate legal personality
Q1. When a company is duly registered, it acquires a separate legal personality as held by the court in the case of Salomon v Salomon & Co (1897). Explain this legal principle and discuss how it applies to McDaid Development (Ireland) Ltd and its shareholders.
Q2. The Companies Act 2006 prescribes several duties on company directors. Discuss the general duties of directors according to the law. Analyse and discuss the duties breached by Peter McDaid as the managing director of McDaid Developments (Ireland) Ltd.
Q3. For breach of director’s duties, the law prescribes penalties and liabilities. Discuss the liabilities of a director for breach of duties. Discuss how any of these liabilities apply to Peter McDaid as director of McDaid Developments (Ireland) Ltd.
Q4. As a consequence of having separate legal personality, companies have limited liability. McDaid Development (Ireland) Ltd has incurred liabilities during its years in operation. Discuss the concept of limited liability and how it affects the members (shareholders) of the company, and company creditors (particularly the unsecured creditors).
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