13:16 P . VOLTE Will will 0 B/s 95 Dec 29, 2022 O' 14:53 Individual Assignment for 1" Year Students (BBFI ONLY) (Students should submit written (typed) solutions to the assignment on or before 3" January. 2023 at 16.30HIrs. The solutions to the assignment should be submitted by students to their respective CRS. Read the following facts and answer the questions that follow. KUPWA Company Lid (hereinafter KUPWA) is a company incorporated in Tanzania in February. 2017 with four shareholders, and was formally and compulsorily wound up (liquidated) by the court in October, 2018. In September, 2017 the shareholders of KUPWA established another (separate) company by the name of MOTA Lid. The shareholders of KUPWA were also the shareholders of MOTA Lid. The said shareholders were also directors of both companies. Mr. SAKA, apart from being one of the shareholders of both companies, is also a sole proprietor conducting business of selling agricultural inputs to local farmers. Dr. Zongo, another shareholder of both companies, is also a Certified Public Accountant and a partner in an audit firm registered as Hesabu Consultants (hereinafter 'the firm'). It is also important to note that KUPWA, when in the process of being wound up, her assets could not be distributed to the shareholders by the liquidator because liabilities could not be paid by the assets as the company was insolvent. Therefore most debts remain unpaid to date. However. in early 2019, KUPWA entered into contracts of employment with two persons (Kali and Tuwe) as directors of both KUPWA and MOTA Lid, but MOTA Lid refused to work with the said directors and did not recognize them for reasons best known to MOTA Lid. Moreover, Mr. SAKA went on with his business of agricultural inputs but experienced difficulties with liabilities exceeding assets. Creditors were on his shoulders demanding payments and. thus, had asked MOTA Lid to take over the liabilities of his sole proprietorship business. Conversely. MOTA Lid declined without providing any reason for their decision and in May 2019 Mr. SAKA was declared bankrupt by the court. In June, 2019 being undischarged bankrupt. Mr. SAKA entered into a contract to supply fertilizer to Iguguno District Council (on 'pay on delivery basis"). He was contracted to supply 10 tons of the specified fertilizer for a price of 1.000,000/- per ton. but could not secure the loan from the bank in order to finance the project and thus the project collapsed. Hesabu Consultants ('the firm' ). who were also auditing SAKA's sole proprietorship business. continued to do well in business but could not be paid their fees by SAKA because of bankruptcy. Moreover. Dr. Zongo being a senior, by age, amongst the partners started to implement, in the partnership business, the following 'self-made rules: . Except him, no other partner has a right to take part in the management of the partnership business: O Share Edit Delete More O O13:17 P . 8.9 VOLTERTI ,Ill K/s 95 Dec 29, 2022 O' 14:53 Access to and inspection of the books of the firm to be done by him and other directors o KUPWA; Partners and directors of MOTA Lid and KUPWA are entitled to receive remuneration fo aking part in the conduct of the business; He, unilaterally, could transfer property belonging to the firm. ed (questions): Advise Hesabu Consultants ('the firm') on payment of their audit fees by SAKA. Advise other partners of the firm on the legality of the directors of MOTA Lid and KUPW/ to receive remuneration from the partnership business. (Under the Law of Contract Act Cap 345 R.E. 2019, who has a right to take part in a management of the partnership business? What is the legal status of the contracts of employment between KUPWA and Kali an Tuwe? State the legality of MOTA Lid in refusing to work with Kali and Tuwe. What legal remedy is available to Mr.SAKA against MOTA Lid after refusing to take ove liabilities of SAKA's sole proprietorship business Advise Iguguno District Council on the contractual remedies available after failure Mr.SAKA to perform the contract. Given that the creditors of KUPWA remained unpaid after winding up of the company what right would the creditors have against the shareholders of KUPWA? Name three documents that are necessary for an outsider to inspect before entering into contract with any company? What action will you take in order to be satisfied with the current status of the company Tanzania (especially about shareholders, directors, registration status etc)? Share Edit Delete More O O