1. What legal defenses might Fred and Sally raise with regard to the checks written by Jane and Don? Why do you believe they will be successful or unsuccessful?
There are many ways to embezzle money and embezzlement is a very common white-collar crime. This type of embezzlement is best described as Accounting embezzlement. This is when the business documents and reported statements are manipulated to show that the company has the money that was actually stolen.
The Uniform Commercial Code Section 3406 states, “Any person who by his negligence substantially contributes to a material alteration of the instrument or to the making of an unauthorized signature is precluded from asserting the alteration or lack of authority against a holder in due
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To qualify, a family farmer must have stable annual income and also either a (1) spouse or (2) corporation or partnership. The gross income must be at least 50 percent farm dependent. Also, 50 percent of the debt must be farm related. Lastly, total debt is required to be under $3.5 million. To qualify for this the business would have to argue that the company activity is farm related. A Chapter 12 petition would need to be completed to initiate this process.
5. Analyze the implications of a potential bankruptcy action on the business assets (assume the business entity is the same form as you chose in Case Study 1). Explain which, if any, are subject to forced sales, liens, or forfeiture. If the company were to choose Chapter 11 bankruptcy, the company could become the “debtor in possession”. This means that the company could keep possession of the assets while reorganizing the company. If the company fails to act on a bankruptcy process, the creditor could take possession of the property through a judicial lien. The situation can get to the point where the creditor may get a court officer to seize the company’s property. This can extend from property to bank accounts and personal assets. (Kubasek,
Chrysler received bankruptcy reorganization on April 30, 2009. On June 10,2009 Chrysler emerged from the bankruptcy proceedings with the United Auto Workers’ Pension Fund, Fiat, and the U.S. and Canadian governments as principal owners. Over the next few years, Fiat gradually acquired the other parties shares to take majority ownership of the company.
White collar crime is a term created by Edwin Sutherland in 1939 that refers to crimes committed by people of higher social status, companies, and the government according to the book “White-Collar Crime in a Nutshell” by Ellen Podgor and Jerold Israel. White collar crimes are usually non-violent crimes committed in order to have a financial-gain (Podgor and Israel 3). A very well known white collar crime that has even been taught in many history classes is the Watergate scandal. This is a white collar crime that was committed by government authorities. Watergate was a crime that shocked the nation.
There are some advantages and disadvantages to filing for bankruptcy chapter 7. According to chapter 7 debt liquidation bankruptcy is good option for many people who are dire financial straits. When the debtor files for Bankruptcy there is an automatic stay and most creditors must have stop their collection efforts. Thus, the debtor can begin to rebuild his or her credit. Financially speaking the debtor will start over. It’s true that filing Bankruptcy running your credit from certain amount of years and may cause embarrassment for many people. Also there is 90 day presumptive period. Any debt incurred in that 90 days prior to filing Bankruptcy is presumptively fraudulent, any debt incurred with intention of filing Bankruptcy or without intention of repayment is presumed fraudulent.
My company of choice for this report is Macy 's. 'The Magic of Macy 's ', as the company advertises it, has inspired me to shop there, take advantage of their incomparable discounts and great online shopping experience. Macy 's, Inc. is one of the largest department store chains in the United States of America. Macy 's manages stores under the Macy 's and Bloomingdale 's brands. I enjoy shopping at both of the company 's store brands, Macy 's and Bloomingdales. Bloomingdales provides a more personalized experience
Most people consider this crime to consist of CEO’s manipulating their way to making a large fortune. This of course, is true most of the time in high-profile cases. For example, in late 2001 Enron Corporation executives confessed to overstating the company’s earnings. This lead to artificially inflating what the company was worth and deceived the investors. It took some time to unravel all the fraud put behind this devious act but shows how sophisticated white-collar crime can be. Although it’s usually associated with upper management of corporations, people from all different levels and occupations can perform this crime ("How White-collar Crime Works").
Timeline of this case should be clearly organized in order to better understanding this case. In 2009, Poor Son transferred Rich Grandson to Parent. In 2010, Poor Son filed a voluntary petition for reorganization under Chapter 11 of the US bankruptcy code, and Parent deconsolidated Poor Son from statements. In 2011, Poor Son filed an action against Parent seeking to void the transfer of Rich Grandson. In May 2012, the bankruptcy court held a selection meeting in which it considered competing plans of reorganization submitted by four bidders. In June 2012, OtherCo, an unrelated party, became the wining plan sponsor. In July 2012, OtherCo rescind its offer because the bad evonomic condition. In December 2014, the bankruptcy court recommended
Prior to the winding-up of an insolvent company, its creditors may individually enforce any measure available to them in order to obtain payment of the debt owed to them by such company. However, upon the opening of the winding-up proceedings these individual actions are replaced by a collective insolvency regime which attempts to ensure the rateable and equitable distribution of the assets of the insolvent company among its creditors. This distribution is known as pari passu distribution.
Case Study: Victoria's Secret OVERVIEW Victoria's Secret, one of the world's most recognizable fashion brands, established itself in the Bay Area in the early 1970s. Originally owned by an ambitious Stanford graduate looking for a comfortable and high-end retailer to buy his wife lingerie, Roy Raymond opened the first store at Stanford Shopping Center. Styled after a Victorian boudoir, Raymond's success prompted him to open three other locations, a catalog business, and a corporate headquarters within a few years. His inability to balance finances with his creative vision, Roy Raymond fell into trouble and was forced to sell his company for the small sum of $1 million dollars to The Limited, an Ohio-based conglomerate owned by Les Wexner.
White collar crimes are fraudulent acts committed for the determined and selfish gain of finance. Three of the most common white-collar crimes are typically fraud, money laundering, and embezzlement. Fraud can happen in many different forms such as insurance fraud, tax evasion, and securities fraud. Fraud is the use of deceitful statements or untrue business deals. Money laundering is a scheme for criminals to hide their identity. Criminals will sometimes launder money through banks and corporations to keep their activities going strong while staying hidden from the prosecution. Embezzlement is the theft of funds belonging to a workplace or one’s employer. Any person working with finances within their workplace who has access or granted authority to make decisions has the potential to become corrupted.
Merle, R. (2017, March 30). What Wells Fargo dodged by agreeing to pay $110 million to settle fake accounts case. Washington Post. Retrieved 1 June 2017, from https://www.washingtonpost.com/news/business/wp/2017/03/30/what-wells-fargo-dodged-by-agreeing-to-pay-110-million-to-settle-fake-accounts-case/?utm_term=.64ee8223e583
Among the study’s findings were that the deciding factor of the predictor of bankruptcy should not be only a few ratios, as the measure of a company’s financial solvency may differ as the firm’s situations differ. The important question is to which ratios are to be used and of those ratios chosen, which ratios are given priority weight.
In this Final-Term Project of Production and Operation Management, I should choose 2 company with same product. And I choose Levi’S, Inc and Wrangler, Inc as the competitor. In this paper I will discuss about “How” and ‘Why” in this companies.
Or be prepared to face the reality by Presenting your case to Bankruptcy Lawyers now!
Corruption in business entails bribery, misappropriation of funds, and dishonesty in financial matters. The most common vice practised by an individual in the business organization is embezzlement. According to Investopedia, embezzlement is a form of white-collar crime where a person misappropriates the assets entrusted to him or her. In this type of fraud the assets are attained lawfully and the embezzler has the right to possess them but then the assets are used for unintended purposes. (Embezzlement, n.d.)They secretly take the money that is in their care but belongs to the business they work for. It is a breach of the fiduciary responsibilities placed upon a
First and foremost, since the company is treated as its own legal entity from the date of incorporation the ownership of all the property, contracts, debts belong to it, and therefore in normal circumstances in case of problems it would get sued, not the members of the company, thus letting them only have a limited liability over it (limited by their investment in the company), which allows to separate people who own the company from those who control it, since their interest might not be aligned in all times. It is particularly true in cases of large conglomerates, such as Barclays bank