The Great Gatsby by F. Scott Fitzgerald - 1223 Words

In the beginning of the novel, Gatsby was recognized as a visionary who was charismatic, courteous, and very secretive. Once the plot began to unravel, the audience yearns for additional and further demand an explanation of the unidentified lifestyle: that everything he had been through in his career as Jay Gatsby had been with the only determination of satisfying the utmost idealistic dreams — to relive his past. Jay Gatsby was in numerous aspects, as the name of the novel advocated, great, but when considered from an analytical standpoint, most of his actions did not exemplify greatness or even considered commendable. Throughout the novel, Gatsby established a rags-to-riches triumph lifestyle which made him a personification of the American dream. Gatsby’s early life, as merely the son of legitimately failed sharecroppers was not good enough for him. Once he became of age, Gatsby was just as unsuccessful as his parent as a farmer, which made willingly alienated himself from his own family. Gatsby could not handle the severity of his current situation—the constant failure from his parents being poor farmers had now trickled down to him. However now alone, he had the chance to acknowledge who he was and who he wanted to be and exclusively because he had to evolve from poor James Gatz into successful and wealthy Jay Gatsby. Such a transformation required one thing, the same essential that power and success breed, and that was money without he was still James Gatz. GatsbyShow MoreRelatedThe Great Gatsby by F. Scott Fitzgerald1393 Words   |  6 PagesF. Scott Fitzgerald was the model of the American image in the nineteen twenties. He had wealth, fame, a beautiful wife, and an adorable daughter; all seemed perfect. Beneath the gilded faà §ade, however, was an author who struggled with domestic and physical difficulties that plagued his personal life and career throughout its short span. This author helped to launch the theme that is so prevalent in his work; the human instinct to yearn for more, into the forefront of American literature, where itRead MoreThe Great Gatsby By F. Scott Fitzgerald1343 Words   |  6 PagesHonors English 10 Shugart 18 Decemeber 2014 The Great Gatsby F. Scott Fitzgerald s 1925 novel The Great Gatsby is a tragic love story, a mystery, and a social commentary on American life. The Great Gatsby is about the lives of four wealthy characters observed by the narrator, Nick Carroway. Throughout the novel a mysterious man named Jay Gatsby throws immaculate parties every Saturday night in hope to impress his lost lover, Daisy Buchanan. Gatsby lives in a mansion on West Egg across from DaisyRead MoreThe Great Gatsby By F. Scott Fitzgerald1155 Words   |  5 PagesThe Great Gatsby The Jazz Age was an era where everything and anything seemed possible. It started with the beginning of a new age with America coming out of World War I as the most powerful nation in the world (Novel reflections on, 2007). As a result, the nation soon faced a culture-shock of material prosperity during the 1920’s. Also known as the â€Å"roaring twenties†, it was a time where life consisted of prodigality and extravagant parties. Writing based on his personal experiences, author F. ScottRead MoreThe Great Gatsby By F. Scott Fitzgerald1166 Words   |  5 Pagesin the Haze F. Scott Fitzgerald lived in a time that was characterized by an unbelievable lack of substance. After the tragedy and horrors of WWI, people were focused on anything that they could that would distract from the emptiness that had swallowed them. Tangible greed tied with extreme materialism left many, by the end of this time period, disenchanted. The usage of the literary theories of both Biographical and Historical lenses provide a unique interpretation of the Great Gatsby centered aroundRead MoreThe Great Gatsby by F. Scott Fitzgerald845 Words   |  3 PagesIn F. Scott Fitzgerald’s novel, The Great Gatsby, colors represent a variety of symbols that relate back to the American Dream. The dream of being pure, innocent and perfect is frequently associated with the reality of corruption, violence, and affairs. Gatsby’s desire for achieving the American Dream is sought for through corruption (Schneider). The American Dream in the 1920s was perceived as a desire of w ealth and social standings. Social class is represented through the East Egg, the WestRead MoreThe Great Gatsby By F. Scott Fitzgerald Essay970 Words   |  4 Pagesrespecting and valuing Fitzgerald work in the twenty-first century? Fitzgerald had a hard time to profiting from his writing, but he was not successful after his first novel. There are three major point of this essay are: the background history of Fitzgerald life, the comparisons between Fitzgerald and the Gatsby from his number one book in America The Great Gatsby, and the Fitzgerald got influences of behind the writing and being a writer. From childhood to adulthood, Fitzgerald faced many good andRead MoreThe Great Gatsby By F. Scott Fitzgerald2099 Words   |  9 Pagesauthor to mirror his life in his book. In his previous novels F. Scott Fitzgerald drew from his life experiences. He said that his next novel, The Great Gatsby, would be different. He said, â€Å"In my new novel I’m thrown directly on purely creative work† (F. Scott Fitzgerald). He did not realize or did not want it to appear that he was taking his own story and intertwining it within his new novel. In The Great Gatsby, by F. Scott Fitzgerald, he imitates his lifestyle through the Buchanan family to demonstrateRead MoreThe Great Gatsby By F. Scott Fitzgerald1607 Words   |  7 Pages The Great Gatsby is an American novel written in 1925 by F. Scott Fitzgerald. One of the themes of the book is the American Dream. The American Dream is an idea in which Americans believe through hard work they can achieve success and prosperity in the free world. In F. Scott Fitzgerald s novel, The Great Gatsby, the American Dream leads to popularity, extreme jealousy and false happiness. Jay Gatsby’s recent fortune and wealthiness helped him earn a high social position and become one of the mostRead MoreThe Great Gatsby By F. Scott Fitzgerald1592 Words   |  7 PagesMcGowan English 11A, Period 4 9 January 2014 The Great Gatsby Individuals who approach life with an optimistic mindset generally have their goals established as their main priority. Driven by ambition, they are determined to fulfill their desires; without reluctance. These strong-minded individuals refuse to be influenced by negative reinforcements, and rely on hope in order to achieve their dreams. As a man of persistence, the wealthy Jay Gatsby continuously strives to reclaim the love of hisRead MoreThe Great Gatsby By F. Scott Fitzgerald1646 Words   |  7 PagesThe 1920s witnessed the death of the American Dream, a message immortalized in F. Scott Fitzgerald’s The Great Gatsby. Initially, the American Dream represented the outcome of American ideals, that everyone has the freedom and opportunity to achieve their dreams provided they perform honest hard work. During the 1920s, the United States experienced massive economic prosperity making the American Dream seem alive and strong. However, in Fitzgerald’s eyes, the new Am erican culture build around that

Qualitative Study Pressure Ulcer Prevention - 923 Words

Qualitative Study The research article What influences the impact of pressure ulcers on health-related quality of life? A qualitative patient-focused exploration of contributory factors was recently published (2012) in the Journal of Tissue Viability by Gorecki, Nixon, Madill, Firth, and Brown. This is a qualitative study. Summary The authors were concerned with health-related quality of life (HRQL) and how pressure ulcers impact the patients subjective experience of care, because overall health care outcomes may be influenced by the interaction between disease burden and patient compliance. Thirty adult patients in hospital, rehabilitation, or community care in England and Ireland were recruited for the study. Inclusion in the study required being under the care of a tissue viability nurse. Six experience of care factors were identified as affecting adherence to treatment. Patient perceived quality of care was negatively affected by hospitalization, care inconsistencies, inadequate pain management, uncomfortable pressure-relieving devices, bed-rest for pressure ulcer treatment, and poor interactions with caregiver. Improved patient education concerning treatment and pressure ulcer etiology, and the perception that the caregiver was competent, promoted adherence to treatment. On the other side of the equation, patient lack of motivation for self-care, preoccupation with pressure ulcer risk and treatment, inaccurate information about treatments and causation, lackShow MoreRelatedPressure Ulcer Prevention Methods Vs. Attitudes Of The Nurse1485 Words   |  6 PagesIn Hospitalized Patient that are immobilized does the knowledge of the Registered Nurse on pressure ulcer prevention methods Vs the attitudes of the nurse towards pressure ulcer prevents clients from developing pressure ulcers throughout their length of stay in the hospital. Introduction Presently, 1.3-3 million adults in the United States are affected by pressure ulcers, costing $37,800 to $70,000 per ulcer (Smith, 2013). This cost the United States 11 billion dollars annually (Smith, 2013) The reviewedRead MoreQualitative Research Article On Pressure Ulcers980 Words   |  4 PagesQualitative Research Article Critique According to Stockhausen Conrick (2002), â€Å"Learning how to critique research articles is one of the fundamental skills of scholarship in any discipline† (p. 38). Burns Grove (2011) found â€Å"An intellectual critical appraisal of a study involves a careful, complete examination of that study to judge its strengths, weaknesses, meaning, credibility, and significance for practice† (p. 419). The extent, amount and nature of publications accessible today by differentRead MoreNurses’ Perceptions Of A Pressure Ulcer Prevention Care1531 Words   |  7 PagesNurses’ perceptions of a pressure ulcer prevention care bundle: a qualitative descriptive study Critically ill patients are at increased risk for pressure ulcers. Hospital -acquired Pressure ulcers are serious clinical complications and that can lead to increased length of stay, pain, infection and potentially death. Nurses have the primary role in the pressure ulcer prevention. The study assessed nurses’ perceptions of the usefulness and impact of a pressure ulcer prevention care bundle interventionRead MoreNursing Research Critique1185 Words   |  5 PagesConsiderations Introduction A pressure ulcer is a localized injury to the skin and/ or underlying tissue usually over a bony prominence, as a result of pressure or pressure in combination with shear and/ or friction. (National Pressure Ulcer Advisory Panel, 2007). It is essential to give education to the patients, family, care givers and health care providers to decrease the pressure ulcer rate. Multiple study about pressure ulcer revealed that pressure ulcer causes significant harm to the patientsRead MoreEssay On Risk Assessment1649 Words   |  7 PagesAssessments on Patients who have Developed a Pressure Ulcer      Future Research:   This assignment has two parts, part one reviewed pressure ulcer prevention, and the gaps that were identified were: it lacked research on pressure ulcer management, individuals did not having enough knowledge on methods to reduce pressure ulcers, there was a low sample size and selection and there was a gap between the risk assessment process, and pressure ulcer prevention. For the purpose of part two, this assignmentRead MoreQuantitative Reserch Study1130 Words   |  5 PagesRunning head: QUANTITATIVE RESEARCH STUDY Quantitative Research Study Knowledge Pressure Ulcer Prevention among Nursing Professionals Jeamol Joseph Grand Canyon University NRS-433= Introduction to Nursing Research 24 July, 2011 Quantitative Research Study Nursing research is a process which helps to improve the patient outcomes through a thorough analysis of data collected and making new contributions to the healthcare field. Evidence based nursing is the process by which nurses makeRead MoreEbt Task 1 Essay2008 Words   |  9 Pagesacquiring pressure ulcer. The articile was retrieved and summarized in the graphic below. Further research was collected to evaluate other aspects of the same interventions and a annotated bibiliography was created. The evience was reviewed for relevance and synthesized as it relates to nursing practice and acquiring pressure ulcers. Bottom of Form Reseach Report and Summary . |Article |Protecting fragile skin: nursing interventions to decrease development of pressure ulcersRead MoreEssay on Pressure Ulcer1563 Words   |  7 Pages Pressure Ulcer Prevention Evidence Based Practice Tasha Braggs Chamberlain College of Nursing NR351 Transitions to professional nursing Summer 2011 Professional paper . Evidence-based practice (EBP) provides nurses with a method to use critically appraised and scientifically proven evidence for delivering quality health care to a specific population. The fundamentals of EBP are in research. Nursing research provides nurses with qualitative research findings to establish nursing practice basedRead MoreBasic Nursing Care in Pressure Sore Prevention Essay1192 Words   |  5 PagesIntroduction For many hundreds of years, pressure sores have been recognized clinically. Throughout this time different pedagogies have been explicated to prevent patients from developing pressure sores (R. J. G. Halfens M. Eggink 1995). What is more, less is known about the effectiveness of these methods. On account of this observation the author opted to recapitulate the fundamental care of preventing pressure sores among high risk individuals in a nursing home setting. Search Strategies Read MoreNurses Are Accountable For Delivering Safe Pressure Ulcer Prevention For Patients2107 Words   |  9 PagesNurses are accountable for delivering safe pressure ulcer prevention for patients who are at risk. Pressure ulcers can cause considerable amount of pain and distress in patients with nutritional deficiencies and can also cause high healthcare expenses due to extended hospital stay. Marlene Varga defines a pressure ulcer as â€Å"a localized injury to the skin and/or underlying tissue usually over a bony prominence, as a result of pressure, or pressure in combination with shear† (Varga, 2015, p. 26)

Illegal Phoenix Activity and Misconduct †MyAssignmenthelp.com

Question: Discuss about the Illegal Phoenix Activity and Misconduct. Answer: Introduction: Phoenix activity can be defined as the evasion of liabilities, like tax and employee entitlements, by systematic, wilful and cyclic liquidation of such entities which involves related corporate trading (Parliament of Australia, 2017). In the words of Australian Securities and Investment Commission, short for ASIC, phoenix activities involve a specific kind of conduct. In such cases where the organization is unable to pay its debts and acts in such a manner where the equal access to the organizations assets are deliberately denied to the unsecured creditors, which could allow them to meet them unpaid debts, and where within a single year a new business is established in which the assets, whether partly or wholly, of the old business are used and is controlled by the same people who controlled the previous organization (Taylor David, 2014). Phoenix is a mythological bird, which dies and is reborn from its ashes. This analogy proves to be of held for defining phoenix activities, where a new business is formed from the ashes of the old business. Phoenix activities contain different practices, which are majorly concerned with the management of the old company, using the assets of the old company, to form a new company, for avoiding its different liabilities towards different stakeholders (Margret Peck, 2014). No, the phoenix activities can never be beneficial for the society. The reason behind this lies in the very purpose for which such activities are undertaken. The purpose of the indulging in such activity for a small group of people is to evade their liabilities, which they owe to different stakeholders. These stakeholders are a part of the society and include the creditors, the employees and even the government, which ultimately works for the benefit of the society. A small group of individuals indulge in activities which can be deemed as fraudulent and benefit themself by not having to pay their dues. The workers are not paid their entitlements, the creditors are not paid their debts and the nation has to bear millions of dollars in cost due to such activities (ASIC, 2017). This proves that phoenix activities are not beneficial for the society. The purpose of phoenix activity is not just one but many. The easiness of indulging in phoenix activities, along with the same being an easy way to not fulfil the liabilities and remaining invisible from compliances are some of the factors for which the phoenix activities are indulged in. The management of the previous company evades the liabilities of such company, by forming a new company and saving costs by using the assets of the previous company (Oakes Clark, 2017). The other purpose of taking part in phoenix activities is accumulating the debts, without having the intent of ever making repayments to such debts, and when the debt is claimed, liquidating the company to avoid the repayment of the debt obligations (Australian Government, 2009). As has been stated earlier also, by taking part in the phoenix activities, a certain set of people obtain benefit by avoiding their liabilities in the matter of repaying what they took from others, apart from what they had to pay others for their services or as taxation. This set of people includes the management, as well as, the directors of the previous organization. Not only they fail to repay their dues, they also make use of the property of the previous company, which saves them the cost of buying new assets for the new company. There are different stakeholder groups which have to face the brunt of the phoenix activities. The unlawful phoenix activities are problematic for the economy of the nation in the view of Senate Economics References Committee and a culture of disregarding the law was followed through these activities (The Conversation, 2016). The 2015 Productivity Commission Report provided that in Australia, about 2,000-6,000 phoenix companies were present, due to which, the company had to bear costs of A$1.8 billion to A$3.2 billion on yearly basis (Productivity Commission, 2015). Due to the high amount of unpaid tax liabilities, the tax revenues of the nation are also hampered (Anderson, Ramsay Welsh, 2016). So, the nation is the first stakeholder which is affected, and the next stakeholder group is the employees. The unlawful phoenix activities have far reaching consequences and are unfair. This is evidenced from the loss which the employees have to bear. When a company indulges in phoenix activities, the employees of the previous organization are not paid their salary, and apart from this, their rightfully earned entitlements are also not paid to them. Creditor is also one of the stakeholder groups affected by phoenix activities. The creditors are small businesses, who face hardships when their dues are not paid. Along with this, the contractors of the previous company are also not paid the promised sum based on the contract. So, there are different stakeholder groups which are adversely affected due to phoenix activities (Anderson et al, 2017a). There has been wide coverage of the phoenix activities in the papers, reports and enquiries of the parliament and yet, it is not defined anywhere in the Corporations Act, 2001. Through the latest amendments to this act, by the Phoenixing Act, the ASIC has been handed the discretionary power for winding a company in case some specific conditions have been fulfilled. And these conditions have been stated in section 489 EA (WIPO, 2015). ASIC has also issued Regulatory Guide 242 through which the situations have been properly explained in which the powers given under Part 5.4C of the amended act can be used. When an order for winding up is made under this section, the sale and distribution of the property of the company is handed over to the liquidator (Boss Lawyers, 2017). The specific penalties for indulging in unlawful phoenix activities are not covered under the corporate law regime, but the directors who take part in such activities can be made liable pursuant to Part 2D.1, which relates to the director duties. The phoenix activities can also result in transactions which are voidable or could result in the provisions contained in Corporations Acts Part 5.8A being contravened, which are related to the employee entitlements (Martin, 2007). Section 181 relates to the duty of the director and officers of the company to discharge their obligations and use their powers in a way which can be considered as proper, in best interest of company and shows good faith (ICNL, 2017). The duties related to making proper use of the position held by such individual and of the company information, are respectively covered under section 182 and 183 of the Corporations Act (Federal Register of Legislation, 2017). In case the directors take part in phoenix activities, the best interest of the previous organization is ignored and the information of the old organization is misused for the purpose of putting the new company in an advantageous position (Martin, 2007). By indulging in phoenix activities, the directors of the old company, who are benefitted and take part in the new company, can be disqualified from being a director in any company on the basis of section 206C of this act and the period of disqualification is decided by the court (Latimer, 2012). Further, as these activities involve insolvent trading, the directors can be made liable based on section 588G of this act (Australasian Legal Information Institute, 2017). The reason for applying section 588G lies in the previous company being made insolvent by incurring liabilities and by making use of their assets for the new company. So, the stakeholder groups can hold the responsible directors and officers liable for the breach of these sections (Martin, 2007). There are not many cases where the phoenix activities were properly nabbed. However, one of the cases where this was established is the case of ASIC v Somerville Ors [2009] NSWSC 934. The defendant in this case was the attorney who had started legal practice which the company director advised and were facing financial difficulties. The defendant was made accountable as the restructuring advice was given by the company, when they knew that the new company was being created and the operations of the old company had not been discontinued (Mullette, 2009). As a result of this, the court passed a disqualification order for 6 years against the defendant, instead of the higher period sought by ASIC (Anderson et al, 2017a). The Productivity Inquiry conducted by ASIC in July 2015 saw a number of provisions being endorsed by the ASIC, in the form of being supplementary submission in closing, transferring and setting up of businesses. The reason for this stemmed from the ineffectiveness of the section 596AB provisions, which was supposed to put an end to the people indulging in unlawful phoenix activities. A key issue which is often highlighted is that actions to be brought against the director in cases of illegal activities can prove costly. All this led to the introduction of phoenix prohibitions (Anderson et al, 2017b). These phoenix prohibitions fail to confine the phoenix arrangements which are sophisticated in nature, particularly when a transfer of assets is not involved. Also, the position of the ASIC, in the matter of phoenix prohibition creates is not very consistent. The Productivity Commission Report provided that the duties of the directors are not properly utilized in the context of phoenix activity and this is also the case for the provisions related to insolvent trading. Agreed that the civil penalties are imposed for indulging in insolvent activities pursuant to section 596AB, the criminal provisions can be solely activated by ASIC (Paolini, 2014). This makes the criminal conviction a difficult task in comparison to the implementation and enforcement of civil provisions. The reason for this lies in the need to show the element of mens rea for making a criminal case, in addition to providing proof where the claim can be provided without any uncertainties (Anderson et al, 2017b). Getting back to the main question at hand, which is whether or not the phoenix prohibitions are really the key? This is undoubtedly a very appealing notion. The reason for this lies in these prohibitions sending an educated message for the advisors, as well as, the controllers of the company, along with having a high possibility for increasing the commitment towards compliances. To further consider this, three factors prove to be of help, and these are the normative factors, the social factors and the calculative factors. The people belonging to the first category are motivated internally for complying with the regulations, due to the moral reasoning held by them. This would mean that with the introduction of phoenix prohibition, people belonging to this group would not do anything which is undesirable or can be deemed as immoral. The social factors motivate these people and the need of being approved by the peers and being respected by them would make them avoid any damage to their reputation and would not attract any negative publicity, which would happen if the phoenix prohibitions are breached. The group of people who are motivated by the calculative factors would always consider the compliance costs and of the detection of a wrong done by them (Anderson et al, 2017b). Though, when these prohibitions are carefully analysed, they do not show much conviction and the arguments which are given for favouring the phoenix prohibitions, fail to be convincing. The biggest difficulty in this regard is drafting the legislative provisions which could specifically deal with these issues, comparatively with respect to the director duties which are present right now, which could cover the complex manifestations for the phoenix activities in an effective manner. Where such a provision is proposed which is related to risks associated with externally discernible facts, it could prove to be very complex and also full of loopholes. Hence, there is a need to strictly impose penalties for the wrong done by the individuals, in place of imposing penalties on the particular situation where such incident occurred (Anderson et al, 2017b). The main point being that there is no need for increasing the complexities in the law through which the illegal phoenix activities are presently governed. What is actually needed is the strengthening of the compensation, as well as, profit stripping remedies and imposing the punitive penalties for the breach of duties of directors. By adopting this proposal, two functions would be served. The first one is where the ASIC would incentivize and the second where the private litigants would make use of the contravening provisions in a more frequent manner as there would be high chances from making gains on the enforcement actions. Further, this would also help in deterring the unlawful phoenix activity operators as they would face a higher penalty by being a part of such activities (Anderson et al, 2017b). The best solution here is the adoption of an alternative to these prohibitions. In this regard, there is a need to take steps towards improving the present provisions, instead of going for more burdens. For the contravention of duties of directors there is a need to seek sanctions. By introducing high penalties, and coupling the losses of such activities, the financial gains made from such activities can be used for the purpose of compensating the ones who were at loss as a result of such activities. Lastly, the costs for the non compliance by the directors also need to be improved. However, for this, there is a need for effective enforcement mechanisms to be deployed in the matter of duties of the directors. The frequency of the enforcement actions also need to be enhanced and this is a task for ASIC. And in place of creating a new law, the current law should be amended so that the miscreants and enforcers know about the changed norms (Anderson et al, 2017b). It has been aptly stated in the preceding section, that the present law needs to be amended. The phoenix prohibitions have to be structured in a manner so as to include high penalties. This could be done by including the Crimes Act 1900 (NSW) provisions in the phoenix prohibition and the need to applying them in a stringent manner. Some of the provisions which prove to be of help include section 192F, 192G ad 192H (NSW Legislation, 2017). The reach of the compensation orders, which the courts award pursuant to section 1317H need to be increased. Pursuant to these changes, the aggrieved party could be compensated by being awarded damages from the profits made and the liable party being imposed with civil penalties, as well as, being required to surrender the profits made. This liability should extend to the beneficiary of the wrongdoing parties, along with this, the criminal provisions needs to be strengthened. The director duties have to be so raised that people think twice before indulging in such acts (Anderson et al, 2017b). References Anderson, H., Ramsay, I., Welsh, M. (2016). Illegal phoenix activity: Quantifying its incidence and cost. Retrieved from: https://law.unimelb.edu.au/__data/assets/pdf_file/0003/2070363/Anderson,-H,-Ramsay,-I,-and-Welsh,-M,-Illegal-Phoenix-Activity-Quantifying-Its-Incidence-and-Cost-2016-24-Insolv-LJ-95.pdf Anderson, H., Ramsay, I., Welsh, M., Hedges, J. (2017a). Phoenix Activity. Retrieved from: https://law.unimelb.edu.au/__data/assets/pdf_file/0020/2274131/Phoenix-Activity-Recommendations-on-Detection-Disruption-and-Enforcement.pdf Anderson, H., Ramsay, I., Welsh, M., Hedges, J. (2017b). Illegal Phoenix Activity: Is A Phoenix Prohibition The Solution?. Retrieved from: https://law.unimelb.edu.au/__data/assets/pdf_file/0004/2271613/Anderson-et-al,-Illegal-Phoenix-Activity-Is-a-Phoenix-Prohibition-the-Solution-2017-Company-and-Securities-Law-Journal-forthcoming.pdf ASIC. (2017). Small business-illegal phoenix activity. Retrieved from: https://asic.gov.au/for-business/your-business/small-business/compliance-for-small-business/small-business-illegal-phoenix-activity/ Australasian Legal Information Institute. (2017). Corporations Act 2001. Retrieved from: https://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/ Australian Government. (2009). Action against fraudulent phoenix activity. Retrieved from: https://archive.treasury.gov.au/documents/1647/PDF/Phoenix_Proposal_Paper.pdf Boss Lawyers. (2017). What is Phoenix Activity? Retrieved from: https://www.bosslawyers.com.au/phoenix-activity/ Cassidy, J. (2006). Concise Corporations Law (5th ed.). NSW: The Federation Press. Federal Register of Legislation. (2017). Corporations Act 2001. Retrieved from: https://www.legislation.gov.au/Details/C2013C00605 ICNL. (2017). Corporations Act 2001. Retrieved from: https://www.icnl.org/research/library/files/Australia/Corps2001Vol4WD02.pdf Latimer, P. (2012). Australian Business Law 2012 (31st ed.). Sydney, NSW: CCH Australia Limited. Margret, J.E., Peck, G. (2014). Fraud in Financial Statements. Oxon: Routledge. Martin, A. (2007). Directors' Duties and Phoenix Companies. Retrieved from: https://www.allens.com.au/pubs/pdf/insol/pap4apr07.pdf Mullette, S. (2009). Phoenix Rising - Advisors to directors of phoenix company burned. Retrieved from: https://www.bartier.com.au/insights/phoenix-rising-advisors-to-directors-of-phoenix-company-burned/ NSW Legislation. (2017). Crimes Act 1900 No 40. Retrieved from: https://www.legislation.nsw.gov.au/#/view/act/1900/40 Oakes, D., Clark, S. (2017). Phoenixing companies too easy and lucrative in Australia, new report finds. Retrieved from: https://www.abc.net.au/news/2017-02-24/phoenixing-companies-too-easy-in-australia/8301638 Paolini, A. (2014). Research Handbook on Directors Duties. Northampton, MA, USA: Edward Elgar. Parliament of Australia. (2017). Chapter 5: Illegal phoenix activity and other misconduct. Retrieved from: https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Insolvency_construction/Report/c05 Productivity Commission. (2015). Business Set-up, Transfer and Closure. Retrieved from: https://www.pc.gov.au/inquiries/completed/business/report/business.pdf Taylor David. (2014). What is Phoenix Activity? Retrieved from: https://www.taylor-david.com/news/what-is-phoenix-activity The Conversation. (2016). Illegal phoenix activity is costing us billions heres how it could be stemmed. Retrieved from: https://theconversation.com/illegal-phoenix-activity-is-costing-us-billions-heres-how-it-could-be-stemmed-65335 WIPO. (2015). Corporations Act 2001. Retrieved from: https://www.wipo.int/wipolex/en/text.jsp?file_id=370817

Padgett Company Essay Example

Padgett Company Essay The current market Is being dominated by large companies, and recent events such as Inflation, tax rule changes and drop In the stock market caused smaller firms to ell, opening the business for more consolidation. As a response to the market situation and part of our companys financing activity, we had borrowed small amounts off and on from Salon Trust Company of Richmond on a short term 90-day notes for minor acquisitions. We took significantly more debt when the company decided to acquire Trip-State Tablet. Salon Trust Company has considered us a valued client and a major contributor to its profitability, as our only lending bank in 1997. The bank also serves as depository of the companys tax payments. Thus, Salon has been generous in lending us to the mint that It allowed exceeding its credit limit with the rate still continued at a prime and with no protective covenants. Potential threat from Phoenix Bank where we had small deposits also led to the loan doubling up to almost $8 million with Salon without a carefully structured financial program. To properly restructure our companys debt, Salon Trust proposed options that will be beneficial to both and acceptable to Passages management. Initial meetings proved unsuccessful with us refusing to agree to a long term loan through an insurance company financing because of high rates and fancy covenants. We dont eve much knowledge of finance so we prefer straightforward options. The bank prepared a forecast detailing the effects of a 5, 10 and 15% growth of the company, In the hopes to align our goals to theirs. We will write a custom essay sample on Padgett Company specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Padgett Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Padgett Company specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We have also decided to shift to LIFO method of valuation for their Inventory for tax purposes, resulting In a $kick tax benefit. In Dalton, a redundant warehouse will be disposed of giving them an additional $kick from the cash sale and tax refunds. Several alternatives were available to ten company In terms AT restructuring Its loan out we would want something that is simple, straightforward and beneficial for us. Also, the interest tastes were pretty volatile from a low of 6% in the years of 1992-1994 up to 8 1/4% prime for year 1996. Fixed rate would usually entail 2 h to 1 % above the floating rate. Our companys current market standing though allows us to get a competitive rate. As part of Peps management, we need to determine the best option that the company can choose among the alternatives presented by the bank regarding the restructuring of the companys short term debt. All the options available to APP will be reviewed, which would include the alternatives cited by Salon, as well as the other options available in the market that Salon did not include in his commendations to us. The effects of each of these alternatives on the Income Statement and liquidity ratios would be quantified and qualified to come up with the optimal capitalization position. Analysis The current capital structure of Budget makes it difficult for Salon to continue issuing debt to our company. But the sales of APP has been growing and is projected to keep growing in the next few years, and the company would be needing more capital to finance their expansion. The main question would be how we would finance this increase in sales debt or equity? It is apparent that we lean more awards debt as a source of fund since the market considers APP as illiquid and has a thin market. We were using short term, 90 day notes payable to finance our growing business. Although this might save us a certain amount of interest, this places our liquidity in a compromising position. Given this, theres a need to restructure the current debt structure of our company. Salon named some alternatives available to us, and there are also options in the market that we can consider. We need to analyze all of these alternatives to come up with a recommended debt structure that would enhance the liquidity position of our company. Hence, each option was analyzed. With Salon urging us to shift our short term notes payable into long term debt, there remains the option to maintain the current structure of short term 90-day loans. If we choose this option, this would merely entail for the company to do nothing, or use other banks to sustain this current position if Salon is steadfast to their opinion that they will not maintain the current agreement with APP. This however poses a liquidity problem for the company, posting a negative cash flow even at 15% growth rate for the next 3 years. A second option, and what Salon is also trying to recommend is for us to accept the Eng term restructuring via a long-term debt from the insurance company at 9. 5% mull rate Tort 1 years. I nee terms Tort tens are quilt Nell, Ana normally, insurance companies would require covenants that the company should strictly follow within the duration of the agreement. Listed below are other options as discussed by Salon to split the loan through the following alternatives: $3 million appraisal value of Peps general purpose warehouse as collateral for a mortgage loan. APP has a warehouse appraised at $3 million, which is higher than the reported book value of the asset. This will be part of the long-term liability of APP, giving us more flexibility with the use of their working capital. $1 million possible loan from Canadian Banks through its Canadian Subsidiary net current assets. This was proposed by Salon in light of Peps Canadian operation through its subsidiary. If they have a good banking relationship in Canada, they might be able to arrive with a competitive interest rate, with flexible terms. For this study, for conservatively purposes, we will assume that Canadian banks would impose the same interest rate as its US counterparts floating interest rate. Factoring option of accounts receivable at 2%. Due to the large amount of receivable that APP has in its balance sheet, we can consider factoring the companys receivables to factor banks. The advice of Salon is to factor the Ears in a no-recourse, 2% term. The value of which is that they would be able to realize and convert the receivables into cash which APP would be able to use as their working capital, and it would then be the responsibility of the factor bank to monitor and collect on the receivables as they become due. Wait until part of the loan is retired and rotate it with other banks to allow clean p. This option is very much like keeping the obligations of the company current, except that they would be dealing with various banks. This is an alternative to Salon, so that we would be able to have a certain amount of time where their account is cleaned up with Salon, while the loan sits on another bank, where it waits to be due, and transferred back to Salon, or another bank to be rotated. As the goal is to come up with the best suitable loan mix for the company, all the variables are factored in. All of these options are available to the company, and all have their pros and cons as discussed above. It must be noted though that we are very conservative, and is not well versed financially.