Equity and trust, Case Study. Case-Barclays Bank v Quistclose (1970) Essay

Equity and trust, Case Study. Case-Barclays Bank v Quistclose (1970) AC 567 - Essay Example2. Facts of the case. Quistclose lent gold to a participation Rolls Razor Ltd for a specific purpose of payment of dividends to its shareholders at a time when the company was having overdrawn facilities from Barclays Bank. Eventually, Quistclose went into liquidation when Quistclose sought to recover the money it lent lying in a separate account meant for that purpose, with the dividends remaining unpaid. Barclays Bank, which held that money of the customer Rolls Razor in a separate account. The bank contended that the funds lying in that account should be set off against the companys overdraft account since the funds belonged beneficially to the borrower company.3 The characters prior to the insolvency of Rolls Razor Ltd need to be examined. The company had earned a abundant profit for the year 1963 as per the audited statement and an interim dividend of 80 % that had already been paid. O n 14th May 1964, the company discrete to pay the final dividend of cxx % that worked out to ? 209,719 8 s 6d net of tax deduction. As it had no liquid resources and its overdraft with Barclays Bank had reached a level of ? 485,000 against the limit of ? 250,000, the bank informed the company its inability to meet its requirement of funds for the payment of final dividend. In the AGM of the company held on 2nd July 1964, payment of final dividend of 120 % was approved. The company managed to recover a loan of ? 209,719, 8 s and 6 d from Quistclose Investments Ltd to meet its commitment of dividend payment on condition that the payment would only be utilise for the payment of the said dividend amount. Since the handicap was drawn on Barclays Bank, where the lender was having its overdraft account, it opened an Ordinary Divided No 4 account and credited the proceeds of the cheque received from Quistclose Investments Ltd on 17th July 1964. The company could not raise further resourc es, and it decided to put the company into voluntary liquidation on the same solar day with due lineup to the bank, which then amalgamated all the accounts of the borrower company except the dividend No 4 account. On 5th August 1964, Quistclose demanded repayment from the borrower without any notice to the bank. When the resolution for liquidation was made on 27th August 1964, bank set off the balance in dividend account No 4 against the money owed by Rolls Razors Ltd in part. This led to the Quistcloses demanding the bank for repayment of the money appropriated by it.4 3. The issue. Quistclose needed to demonstrate that it had proprietary right over the money as otherwise it was liable to be used to discharge borrowers overdraft with the bank. In other words, the borrower had held the money as a resulting trust for Quistclose, the lender5. The House of Lords raised twain issues whether there was understanding between the respondents that the amount of ? 209,719, 8 s and 6 d shou ld be held in trust in favour of Quistclose in the event of non-payment of dividend and whether the bank had notice of such a trust or the bank knew of circumstances that would make the trust binding upon them too. 6 4. The reason for the decision. The House of Lords decided in favour of the lender Quistclose for the reason that such

The Nature of Love in the Philosophy of Kierkegaard Term Paper

The Nature of Love in the Philosophy of Kierkegaard - Term Paper ExampleNevertheless, an accumulator of romantic and dutiful forms of have it away is Christian lovemaking. The way Kierkegaard develops his vision of different forms of love is illustrated by his quotations. Providing an in-depth analysis of the quotes, well make an attempt to penetrate into the depth of the nature of love, following one of the sterling(prenominal) philosophers of the nineteenth century, Soren Kierkegaard. Romantic love The basis for discussion about romantic love was found by Kierkegaard in Platos Symposium. Plato presents mainly a staminate posture on love, because there is more letters by Johannes to Cordelia. There are only three of them written by Cordelia to him in the preamble to The seducers Diary under the male pseudonym A (Collins, 1953). An interesting character of the reflective seducer shows to the readers, that it is much more interesting to live and discern love in possibility and not in actuality. This man is involved into interesting modeling of reflections and different modes of action. There is an interesting myriad of psychological states and having travelled across different moods it is only possible to perceive one or another thing or phenomenon. Thus, this character is an intermediary taster of different forms and aspects of love. He cannot experience it to the fullest extent, because of his unachieved selfhood, but on the other hand he cannot perceive all aspects of Christian love, because this form of love is too elevated for him. In this work up Kierkegaard differentiates romantic love from Christian love. In his tho work this differentiation remains, but there can be seen transformations and correlations between these types of love, which will be presented further on (Collins, 1953). Thus, it is surely claimed in this work that Christian and titillating love is incompatible. There is no sensuousness in Christian love Sandseligheden, which is th e integrative part of erotic love (Kierkegaard SV1 I 44 KW III 61 cited from Collins, 1953). In other words, erotic love is selfish and Christian love is selfless. The oppositions between Christian and romantic love is shown on two different levels the aesthetic and the ethical ones. There is a perfect example illustrating the way Kierkegaard differs between ethic and artistic aspects in marriage and in ones individuality. Wilhelm claims that the ethical is a restricted civic virtue restricted and it is not a divine goodness. physical attraction and divine virtue are two parallels, which can never meet. Kierkegaard clearly differentiates between aesthetic and ethical issues aesthetic reflections are selfish and individual, while reflections of ethical concerns are open for community, is full of transparency. An aestheticist is prevented from love perception to the fullest extent. He is a selfish individual and love is ad ipsum (or for himself). Further reflection of aesthetic pers pective on romantic love can be seen in the central claim that romantic love is immediate and it is nothing more than an instantaneous desire. Moreover, love is not natural necessity or a result of reflective action or thoughts beauty, instantaneous emotions are triggers of romantic love. In such a way, we can see that Kierkegaard focuses our attention on not very deep nature of romantic low. It is hollow and momentous. It is the first stair of the spiral stairs (Collins, 1953). obedient love There is a difference also between love in marriage and

The effect of minimum wage laws on income inequality Essay

The effect of stripped pursue laws on income inequality - Essay ExampleIncome inequality is one of the major problems faced by the society through out the world. It may vary in its extent from one country to another country, but is omnipresent in its existence. Several steps are required to reduce the income differences among different sections of the society. Even though effort have been made at government and non government levels, pipe down lot of inequality in income is clearly visible which is to be managed effectively for better prosperity of mankind (Levy and Murnane, 1992). The effect of uneven distribution of income will for certain influence the income inequalities among different sections of the society. Minimum wages laws will significantly reduce these anomalies and reduce the income inequalities (David M Cutler and Lawrence F Katz,1992). However several researchers found that minimum wage laws may result in higher income inequalities (Cotterman, 1981 and Kaun, 1965 ).Literature has been collected from different sources relating to the origin of the minimum wages laws and their consequences in different countries. Similarly the information relating to the frugal or income inequalities was also reviewed. Consequences of income inequalities and the necessity of minimum wages laws and international scenario of minimum wages were also studied and analyzed thoroughly. The positive and negative effects of minimum wages laws on income inequalities were discussed in detail.Wages are what a worker gets from money or solid appreciation of their work. This differs according to education and constitution the worker belongs to and works in. It is negotiable and thus the worker could offer more for his working time the more the appreciated he is and the effect of such behavior is the broad efficiently into the work done. If improperly done, the law has the right on the side of the customer and employer to cut

Reflective Portfolio 04243 Essay Example | Topics and Well Written Essays - 3000 words

Reflective Portfolio 04243 - Essay ExampleThe main aspects of CSR activities include the foursome main aspects which are human rights, labour standards, environment and anti-corruption activities (Leonard and McAdam, 2003).Several companies engage in CSR activities to take care of its social responsibilities. Coca Cola can be one of the examples of the companies who are best known for their CSR. The company has taken up the responsibility to take care of the under privileged and provide child education. It in any case takes care of the environment by reducing its carbon emission by following the necessary environmental standards. The company has also taken initiatives in pee conservation (CSRWire, 2015).The concept of corporate social media is utilizing the social media networks for organizational purposes. Social media can have both positive as well as disconfirming effects on the organizations. There are certain risks involved with the social media. If on that point is a lack of supervision from the higher authority then there can be a chance of misinterpretation of the organizational activities (Bucaro, 2007).The seminar discussion began with the importance of the corporate social responsibilities and how it is related to the sustainability of the organization. One of the team members started with the example of capital of Red China TV, exposing the unethical activities of Toyota in China. He mentioned that Toyota deliberately took the advantage of a legal loophole and delivered car with no rear bumper. The car insurance policies only cover standards for the move and side of the car. Although the company did not do anything illegal, however, it definitely showed an irresponsive behaviour towards the consumers. He mentioned that almost all the well established companies are only focused on making money and hardly care for the community.To this ongoing discussion, I added another example of Apple Inc. I mentioned that the company had faced severe accusat ions of

Panama Canal expansion Essay Example | Topics and Well Written Essays - 3000 words

Panama Canal expansion - Essay ExampleThis investigate will begin with the statement that most infrastructural mega projects are prone to suffer from cost overruns, delays, poor performance or inability to give customer triumph if inadequately managed. Interaction of several factors such as governance of such projects, their financing, human management, and financing can cause complexities which can either promote their mastery or inhibit it depending on how they are approached. It is, therefore, crucial for project managers to thus critically analyze a mega project before undertaking it. This report takes an in-depth sound judgement of the expansion of the Panama Canal which is one of the busiest waterways internationally. Panama expansion project is similarly of key interest given that it plays a critical role in maritime trade and brings together international concerns. The initial construction of Panama Canal went underway in 1880 under the leadership of Ferdinand de Lesseps who built Suez Canal. This was a volumed scale project undertaken by people who had little prior experience in canal construction. They faced several challenges including minimal startforce, diseases and lack of funding. The geology of the region also posed a challenge to the construction work. A second company, the Compagnie Nouvelle du Canal de Panama, was contracted to complete the construction. After the American government the requested French machinery for construction, work officially began in 1904. Despite the challenges encountered in constructing the canal, Panama Canal was completed a decade later.

Child Labor in the Victorian Age Essay Example | Topics and Well Written Essays - 1250 words

Child Labor in the Victorian Age - Essay ExampleUnfortunately, as umpteen of those in the government were for child labor, many laws and rules stayed the same, continuing to endanger the children in their workplaces.As most of the businesses during the Victorian age were industrial and factorial, these were the places of employment that children were limited to and compel to work, so the working conditions were horrid, and not just for the children but for their elders as well (Horn, 1997). In many instances, such as the coalmines and gas companies, the children worked amongst harmful gases and other potentially dangerous vapors. The outdoor industries, such as shipyards and construction sites, found the children working outside in all manners of temperature and brook conditions, from heat to the icy winters, harsh sunshine to foot upon foot of snow (Damrosch, 1104). As these children often came from poor families, they were unable to afford the proper attire to keep them protect ed during the changing weather conditions.Other dangers that were presented to the children simply came from the areas in which they worked. On a construction site or a shipyard, there was always the fear of falling beams or walls, stepping on nails, which often led to severe infections that caused disease such as tetanus, which could not be cured during that time and the children often died from it. The children were constantly at risk for acquiring injured in their workplace they were too young to be properly aware of all these dangers, and the elders took little concern to the well-being of these children, with many of the elders viewing the children as disposable - it would not be difficult to hire another child if need be. In fact, most of the injuries and deaths on the job during the Victorian age were children, and throw away or unchecked safety issues often caused these.The children, as with the older workers, received few, if any, breaks during their workdays. They were pe rmitted meals at the proper times, but those

Occupational Safety and Health Essay Example | Topics and Well Written Essays - 250 words - 1

occupational Safety and Health - Essay ExampleDepartment of Labor, Occupational Safety & Health Administration).For achieving the specified reductions in the incidence of fatalities, injuries or illnesses OSHA will adopt a dynamic methodology for identifying and addressing the target sectors and hazards which require direct intervention.though Direct Interventions are an integral part of workplace safety and health, however lasting solutions should be there for the employers, workers to inculcate the safety and healthy culture in the workplace. OSHA would ensure that the resources devoted to achieve this goal should have the ability to replicate the agencys effectiveness through the instillation of safety and heath determine among the broad population through strict compliance, innovation and dedication.OSHA should improve its intelligence gathering, analytical and evaluation capabilities and should also ensure that they inculcate in their staff the infallible knowledge, skills, di versity and the abilities to address the concerned health and safety issues through the use of informational technology and other supportive systems (U.S. Department of Labor, Occupational Safety & Health