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Moana Pty Ltd operates a commercial sailboat construction business and has two directors, Te Fiti and Sina. Heihei is the company secretary and marketing manager. The company employs 52 full time employees and has consolidate gross assets of $A15m. The company’s constitution provides that documents may be executed without a common seal but that they must be signed either by both of the directors or by one of the directors and the company secretary.
Heihei decides to order a new company car for herself as she is tired of driving to client meetings in an old and unreliable Volvo company car. Heihei signs a motor vehicle lease with a local Jaguar car dealer “for and on behalf of Moana Pty Ltd, Heihei Kakamora, Company Secretary and Marketing Manager.” The lease is for a new Jaguar, a very expensive car that is reliable and the terms of the lease reflect current market prices. No payments have yet been made on the lease.
Heihei also decides to purchase $A25,000 worth of fibreglass used in the manufacture of sailboats from Marine Products Pty Ltd who is selling at a greatly reduced price for a short period of time. Heihei also employs a new personal assistant, for herself to ease her workload.
When Sina discovers what Heihei has done Sina, on behalf of the company, refuses to pay for the bills and tells Heihei that she will be personally responsible. Heihei resigns immediately.
1.Discuss whether Moana Pty Ltd is liable for any of these contracts. Is Heihei liable for any of these contracts? Is Sina liable for any of these contracts？
2.If Moana Pty Ltd downsized its workforce by 10 full time staff would this effect its Corporations Act status?
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