The duties of company directors to creditors in accordance to the company act 2012
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Date
2016-11
Authors
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Publisher
Kampala international international: School Of Law
Abstract
This research explores the duties of company and analyses them within and beyond the broader context of Uganda governance in accordance to company Act. This study examined the legal and regulatory framework of duties of Company directors as well as analyzing the challenges faced. The main incentive for selecting this topic arose from the fact that the Ugandan legal system is not strong enough and therefore still lack complete and unambiguous legislation and practices that would help companies evaluate the activities of their management bodies. As a result, this may lead to unfavorable consequences for the compares themselves, the members of their management bodies and persons who engage in legal relationships with the companies. The research method of this research is desk research, use of text books, journals, articles, newspapers as well as internet the researcher finds that regulation is needed in respect of companies without supervisory boards to guarantee creditors' involvement in transactions beyond the ordinary course of business, similarly to the competence of the supervisory board. The researcher finds that regulation concerning this issue is necessary for both the management who should be well aware of when the owners must be involved (now the court has, in some cases, acknowledged the implied powers of shareholders), as well as the owners themselves, for the protection of their interests.
Description
A research report to be submitted in partial fulfillment of the requirements for the award of a diploma in law at Kampala international university
Keywords
Law, Company directors, Creditors, act 2012