Organizational Culture in Libraries Essay

Assignment TopicOne of the main ways in which the veil of incorporation can be lifted is when directors ruin their duties. This essay question is set around the duty to prevent belly-up(predicate) vocation. You will need to have read the chapter in your prescribed school text that deals with this duty and have then researched more widely by spirit at other textbooks, the relevant CCH online library, articles from the internet and journal articles. You must response both parts of this topic. Please submit sure you have compose in the body of your work ACCURATELY,. Remember, referencing shows you have researched and thought about what somatic will be relevant to assist you in answering the questions. lead the following scenario and answer BOTH parts (questions) at the end.OHS Solutions Pty. Ltd. is a come with formed by three friends ( diethylstilboestrol, Satish and Emma) who bring different skills and abilities to the business. Emma is an accounting graduate, Des has expe rtise in occupational health and safety (OHS) and Satish has an IT degree. They decided to turn up up a business which would provide a portal with which the public and businesses could access (for free) instruction on all aspects of OHS. OHS Solutions would finance its business, and make profits, by charging businesses to advertise via their website. The directors of OHS Solutions atomic number 18Managing manager DesFinance film director Emma (non executive)Director Satish (executive employed also to run the technological side of the business) Director Ying (non executive) a friend of Des and director of Support Pty. Ltd. (Support Pty. Ltd. has gone surety for a $50,000 loan from the Business Bank Ltd. to OHS Solutions)The Shareholders of OHS Solutions (holding equal amounts of ordinary shares) are Des, Emma, Satish and Support Pty. Ltd.As at January 2007 OHS Solutions had been operating for six months. It hadsome sign IT problems which prevented some of the advertiser s material from being accessed. In order to try to benefactor overcome these technical problems Satish engaged pettifoggery Shooters Pty. Ltd.At the February Board meeting, Satish report that two businesses who had paid to advertise on the website were dissatisfied with what was happening and were profound to sue for breach of contract. Emma was unable to table any financial information as the employee who had been doing the accounts had been sick and when Emma looked at the records she found that they seemed to be in a bit of a mess. She did find a large account from Trouble Shooters that was over due. Des reported that he was disturbed by this news.He had been told by Satish that the IT problems had been fixed since Trouble Shooters had been engaged, and he had nevertheless signed a $10,000 advertising contract with Promotions Plus Pty. Ltd. to advertise the website and signed up to go to a trade show to be held in conjunction with a forthcoming OHS conference. He said this wa s needed because a number of racy profile advertisers were threatening to discontinue their association with OHS Solutions unless the portal became better known.Ying just listens in disbelief at the March Board meeting. It seemed to her that OHS Solutions is being ailing managed and is failing to make the most of a potentially profitable business opportunity. This could present an opportunity for Support Pty. Ltd. to make an offer to buy OHS Solutions at a good price. On the other hand Support Pty. Ltd. is assailable as a guarantor.Assume she consults you, an accountant, for your preliminary view about the predicament of OHS Solutions and what she should do. Assume also that the first thing that comes to your mind is whether Ying herself may be vulnerable as a director of OHS Solutions for failing to prevent OHS Solutions from trading when it is insolvent.