The Wall Street Crash of 1929 - 1326 Words

Imagine yourself in a situation where you could never eat enough in a day because you weren’t sure there would be a meal waiting for you the next day. Imagine if those considered poor fell from even greater heights and landed in an even deeper pocket of desperation. Imagine if the poorer you were and the hungrier you became. The hunger rendered you weak and with this weakness you began to find it difficult to think clearly and to function properly. Imagine if you needed to find work to support a family, but you could not muster the strength to look for a job because you needed to first find food to get the energy to move. Imagine if riches, power, and even wealth made no difference to your situation, everything could be lost and nothing†¦show more content†¦Furthermore, Mr.Payne scoffs at the idea that â€Å"Mr. Roosevelt promises that as the friend of the forgotten man he will protect the safety of bank depositors† by telling the public of how Roosevelt tried to make foreign purchases, â€Å"is that protecting us from the Trickery of international bankers?† Mr.Payne response to Roosevelt by implying that foreign bankers would try to hurt the American people rather than aid them. The crux of Mr.Payne’s argument was being reliant on the actions Roosevelt tried to accomplish in the past and the ones that he had managed to complete, which Mr.Payne now considered them to be failures. Ultimately Roosevelt’s mistakes where being used as a tool to punish Roosevelt and show the American people how his election has the penitential to lead them astray and toward greater suffering. In the article â€Å"Roosevelt and The Depression,†written by Los Angeles Times, tells how he has been â€Å"generous with criticism- so generous with it, in fact, as to injure rather than help his own cause.†Roosevelt, according to the article, had taken the words and advice given from others very lightly. Roosevelt follows his own p lan and sticks to them regardless of the negativity and isn’t to concerned with the thoughts of others. As such, One of the biggest concerns for the Author was that one of Roosevelt’s methods for improving their current situation would be by implementing governmentShow MoreRelated Wall Street Crash of October 1929 Essay3603 Words   |  15 PagesWall Street Crash of October 1929 The roaring twenties saw a great deal of prosperity in the United States economy. Everything seemed to be going well as stock prices continued to rise at incredible rates and everyone in the market was becoming rich. Two new industries: the automotive industry, and the radio industry were the driving forces of this economic boom. These industries were helping to create a new type of market that no one had ever seen in history. With the market continuouslyRead MoreThe Market Crash of 20081274 Words   |  5 Pagesstock market crash is when a decline of stock prices takes place throughout the stock market that results in a catastrophic loss of wealth via paper. The crashes are driven strictly by panic 9 times out of 10 a crash takes place. As a crash is happening, panic occurs; the panic keeps evolving and ends up like the snowball effect before you know it. A crash occurs when economic events take place. These events are always bad news... The behavior of traders follows, which leads to a crash when panic ensuesRead MorePresident Herbert Hoover : The Legacy Of The Great Depression1156 Words   |  5 PagesDepression. Should Herbert Hoover be defined as the ineffective president accountable for the aftermath of the Stock Market Crash of 1929 or did he actually play an important role in alleviating the economic turmoil, but simply went unrecognized for his heroic contributions? Although he is known to be an excellent businessman, the prevention of the Stock Market Crash of 1929 was an impossible feat for even someone as educated as President Herbert Hoover. All throughout the prior decade, the economyRead MoreWall Street : The Great And Powerful Financial District Of The World1407 Words   |  6 Pages Wall Street is the great and powerful financial district of the world. With that statement being true Wall Street isn’t perfect. Wall Street has faced many problems throughout its existence as recessions and depressions came into play and single handedly pushed America into a financial crisis. As early as 1929 till as recent as 2008 recessions still occur and throughout the existence of Wall Street they will never stop existing. The argument of whether or not a recession could be predicted is aRead MoreCauses of the Wall Street Crash Essay1486 Words   |  6 PagesCauses of the Wall Street Crash On 24 October 1929, some shareholders began to lose confidence and believing that the prices of shares could not continue to rise forever, decided to sell. A panic began, and so many shares were sold on that day that it became known as Black Thursday. The Wall Street Crash was under way. By Tuesday 29 October so many shares were being sold that the teleprinters could not keep up, share prices continued to fall, and people lost vast sumsRead MoreBefore, During, and After the Great Depression733 Words   |  3 PagesThe Great Depression was a worldwide depression and was the worst depression the world has ever had. The Great Depression started in August of 1929. But the real effects of the depression were not felt until the stock market crash on Wall Street in October, 1929. Following the crash came a ten year long depression in the Western Industrialized Countries. Before the depression started, Calvin Coolidge was the president of the United States. He did not want to serve a second term because he saw theRead MoreThe Great Depression By John Kenneth Galbraith829 Words   |  4 PagesKenneth Galbraith published one of his bestsellers, the Great Crash, 1929. In less than 200 pages, the book vividly recounts the history of the Wall Street Crash of 1929, covering the lead-up, actual occurrence, and aftermath. Professor Galbraith, with his witty prose, keen insights, and crisp narration, argues that the blind optimism and excessive speculation kept up the market mania and eventually led to the crash. The stock market crash certainly contributed to the Great Depression, but GalbraithRead MoreThe Stock Market Crash of 19291289 Words   |  6 Pagesdid not appear to be a risky investment, until 1929.First noticeable in 1925, the stock market prices began to rise as more people invested their money. During 1925 and 1926, the stock prices vacillated but in 1927, it had an upward trend. The stock market boom had started by 1928. The stock market was no longer a long-term investment because the boom changed the investor’s way of thinking (â€Å"The Stock Market Crash of 1929†). The Stock Market Crash of 1929 was a mass hysteria because of people investingRead MoreThe Shady Shift After World War I1166 Words   |  5 Pagesfrivolous spending, no one knew what was going on with the banks. Most people were extremely overjoyed with all the money coming in, it hadn’t occurred to them what problems were happening. The Great Depression wasn t just caused by the Stock Market Crash but by false prosperity, and overproduction, which affected people s social life, banks, and unemployment across the country. It was only nine short years of prosperity until a dark cloud came rolling in across the country. The 1920’s were a timeRead MoreLifestyles of the Rich and Famous in the Roaring Twenties Essay1015 Words   |  5 Pagesexpensive illegal alcohol at the over the top parties dressed in the latest trends while dancing to the newest and hottest music. The rich and famous life was the picture perfect photo capturing the roaring 20’s. All too soon the outlived dreams ended in 1929 when the stock market crashed begging the Great Depression. F. Scott Fitzgerald published The Great Gatsby in 1925. The novel showed every aspect of the lifestyles of the privileged in the 1920’s. The novel shows readers visualization of the lifestyles

The Horror Of Action Adventure - 993 Words

The action adventure genre has long been considered the easiest kind of book or movie to sell. People believe that the similarities, which are universal throughout the genre and many times very obvious in the most popular books and movies, are just a product of the author’s laziness and overdone clichà ©s. Yet action adventure still remains one of the most popular and most generally liked types. This is because the genre of action adventure fills the holes that are created, in our lives, by modern society and help people cope with its stress. The most affective of these are ability to escape the problems of the world, the feeling of making a difference, being able to become the main character, and the ability to sate the violent nature of humanity. All these things combined make the action adventure genres one of the most popular genera, if not the most popular, in the world. The average person’s life nowadays has the same amount of stress as a patient in an insane asylum 50 years ago, or at least it seems like that to many. People have a lot to worry about nowadays -- mortgages, bills, education, job security, family and health issues, the dangers in the world, among others, and with all these worries and the stress that comes with them, they welcome the ability to turn off their brain and enjoy a meaningless story. Picking up and reading any book, or watching a movie, transports them to a new world free from their problems and their worries of the world. Action adventureShow MoreRelatedExploring the Film Genres of Horror, Science Fiction, and Action Movies817 Words   |  4 Pagesof horror movies, and science and technology of science fiction movies, and action and enthusiasm in the action movies are some credits that makes people’s engrossment. Even so could all movies create an entertainment and make people experience their thoughts of imaginations in the real world. What are the most interesting things about these film genres, which could establish a fantasy world for their fans to escape to their imaginations and live with it? Participating in suspense, adventure, mysteriesRead MoreMovie Analysis : Film And Film870 Words   |  4 Pageshelp determine whether you are going to like the film or not. Genre can set scenes in order for us to know what type of film we may be watching e.g.: if you were to be watching a horror film you would have spooky, dull and dark lighting. This would set the scene letting us know that this film will most likely be a horror film. Knowing the type of genre of the film you are watching allows you to have some sort of idea what kind of things might be happening in the film you’re watching. For example inRead MoreMovie Review : Mini Project 3-3852 Words   |  4 PagesMini Project 3-3 Juan Montesdeoca University of Phoenix PD17BSB05 QNT/275 Dr. Jay Deb Week 2 10/23/17 Movie Genre Mean for action movie = $299,475,058 Standard deviation for action movie = 55,192 Interquartile range = 25,754 Mean for adventure movies = $205,098,033 Standard deviation for adventure movies = 72, 028 Interquartile range for adventure movie = 32,775 Mean for animation movies = $198,557,215 Standard deviation for animation movies = 24,685 Interquartile range for animationRead MoreGender Roles And The Japanese Culture924 Words   |  4 Pagescharacters are hypermasculinized, being given the attributes of being strong but extremely reckless. More male characters appear in the much larger cast of shounen mangas. Common sub-genres are action, adventure, mecha, etc. Romance is not seen very much when it comes to this genre. The plots being â€Å"...more action oriented, generally making romance a secondary factor (Unser-Schutz)† could be part of the reason why there are fewer female characters in the genre. Recently there are more homosexual relationshipsRead MoreMovie Analysis : King Kong874 Words   |  4 Pagesmaking a movie that will bring him fame and fortune. He finds the perfect actress for the role in his film. The director then misleads a ship captain into taking him to the island (King Kong). As the crew travels the ocean in search of the island; adventure becomes a key concept for the audience by traveling to an unknown land. Once the crew reached the island they run into the strange natives that dwell there. The natives capture the actress and offer her to a giant ape (King Kong). This concept tookRead MoreThe Last of Us600 Words   |  3 Pagesthe PlayStation3 (PS3). It features a blend of action-adventure, stealth, and survival horror genres, and is set in the post-pandemic ruins of the United States. Yet, while those elements make the game interesting and enjoyable to play, it is the story that motivates the player forward. Equal parts fiction and nonfiction, a bit o f real world truth goes a long way in making this game significantly better than the vast majority of other horror-adventure titles. Naughty Dog’s â€Å"The Last of Us† is theRead MoreMarlow and Kurtz: The Character Foils from In Heart of Darkness by Joseph Conrad794 Words   |  4 Pageslong and endearing journey for his love of adventure. This love of adventure did not just come about overnight. He tells his other shipmates, â€Å"Now when I was a little chap I had a passion for maps. I would look for hours†¦there were many blank spaces on the earth and when I saw one that looked particularly inviting on a map... I would point my finger on it and say: When I grow up I will go there† (Conrad 8). Kurtz does not display this same love for adventure; one of their opposites. Kurtz is idolizedRead MoreLiterature for Children in the 19th Century909 Words   |  4 Pagesare generally regarded to be classical children’s literature, were originally aimed a t adults. As Hunt explains: Children’s literature is rooted in (and has been deliberately directed towards) stories not calculated to protect childhood from horror; or, it might be said, in expanding children’s experience at too rapid a rate. Thus folk- and fairy-tales routinely contain examples of murder, dismemberment, death and sexual violence and a good deal more (2001:15). The portraying of the negativeRead MoreChildhood Is Seen As A Horror Experience1153 Words   |  5 Pageswould do anything to get it back. However, in Barrie’s Peter Pan, childhood is seen as a horror experience. This novel is read in stark contrast to Walt Disney’s popular movie version of Peter Pan. Disney’s version shows three children on the adventure of their life. But, Barrie’s Peter Pan is the exemplar of the childhood horror experience because of the actions of the characters of Mr. and Mrs. Darling, the actions of the character Captain James Hook, and the dangers inherent of being a child in thisRead MoreLiterature for Children in the 19th Century897 Words   |  4 Pagesgenerally regarded to be classical children’s literature, were originally aimed at adults. As Hunt explains: Children’s literature is rooted in (and has been deliberately directed towards) stories not calculated to protect childhood from horror; or, it might be said, in expanding children’s experience at too rapid a rate. Thus folk- and fairy-tales routinely contain examples of murder, dismemberment, death and sexual violence and a good deal more (2001:15). The portraying of the negative

Soil Erosion And Vegetation Erosion - 1402 Words

What is Soil Erosion, Types of Soil Erosion, Causes of Soil Erosion Soil erosion is a naturally occurring process in which the top layer of the soil washes away that affects all landforms which can occur due to heavy rains, cyclone, typhoons, hurricanes, twisters, animals, human activities etc. In agriculture, soil erosion denotes to the wearing away of a field s topsoil by the natural physical forces of water and wind) or through forces associated with farming activities such as tillage. In Erosion, there are three major phenomenon that takes place– soil detachment, movement and deposition. Topsoil, which is high in organic matter, fertility and soil life, is relocated elsewhere on-site where it builds up over time or is carried†¦show more content†¦The amount of hill slope erosion largely depends on how the land is used. Sheet erosion occurs when a thin layer of topsoil is removed over a whole hillside paddock—and may not be readily noticed. Rill erosion occurs when runoff water forms small channels as it concentrates down a slope. These rills can be up to 0.3m deep. If they become any deeper than 0.3m they are referred to as gully erosion. Scalding: Scalding can occur when wind and water erosion removes the top soil and exposes saline soils. Raindrop impact alone can result in large amounts of soil being moved. However water or wind moving over the surface will remove more soil, and contribute to sheet, rill and gully erosion. Erosion also tends to remove the lighter, smaller soil particles first (such as clay and silt), leaving fine and coarse sand behind. Gully Erosion: Gully erosion happens when runoff concentrates and flows strongly enough to detach and move soil particles. For example, a waterfall may form, with runoff picking up energy as it plunges over the gully head. Gullies may develop in watercourses or other places where runoff concentrates. This type of erosion is highly visible and affects soil productivity, restricts land use, and can damage roads, fences and buildings. The depth of the gully developed can range from 2m up to 15 m. Tunnel Erosion: Tunnel erosion is the removal of subsoil. When water penetrates through a soil crack orShow MoreRelatedErosional Hotspot - Himalayan Foothills1250 Words   |  5 PagesHimalayan foothills to become an erosional hotspot. One big contributor towards the soil degradation in the area are humans. People have been living in the Himalayas for thousands of years. As the years go by, people move around the area, destroying the natural flora of the land. Some of these lands might originally be rich in biodiversity, yet as these lands are being populated by more people, the productive vegetation is destroyed. Also, as the global demand for natural resources increase, people goRead MoreThe Effects Of Soil And On The Environment1220 Words   |  5 Pagestheir practices in general have not always been kind to the soil and environment. Agricultural practices completely disrupt the natural soil process and, therefore, altering the natural cycle of nutrients. A healthy soil is a fundamental and nec essary part of our entire ecosystem. Not only is soil crucial for the functionality of our environment, but so many aspects of daily human life are affected by the soil around us. The healthy soil beneath us assists the process of decomposing biological wasteRead MoreThree Major Causes of Soil Erosion and How They Can Be Corrected1124 Words   |  5 PagesIntroduction Soil erosion is one form of soil degradation along with soil compaction, low organic matter, loss of soil structure, poor internal drainage, salinisation, and soil acidity problems. These other forms of soil degradation, serious in themselves, usually contribute to accelerated soil erosion. Soil erosion is a naturally occurring process on all land. The agents of soil erosion are water and wind, each contributing a significant amount of soil loss each year in Ontario. Soil erosion may beRead MoreThe Degradation Of Earth s Skin1575 Words   |  7 Pagesfactors that has set desertification as a major onset problem. The very immediate cause of desertification is the removal of vegetation (oasisglobal). According to Oasis, a Global Research Organization for Development Against Desertification, removal of vegetation causes â€Å"unprotected, dry soil to blow away with the wind or are washed away by flash floods, leaving infertile lower soil layer that bake in the sun and become unproductive hardpan.† The Dust Bowl, located in the Great Plains, is a region knownRead MoreThe analysis of environmentally sensitive areas can be done on the basis of different parameters1100 Words   |  5 Pagesentity in which environmental and socio-economical factors are not balanced or are not sustainable for that particular environment. Among the different parameters they analysed were the soil quality (soil texture, rock fragments cover, soil depth, drainage, a nd slope), vegetation quality (plant cover, fire risk, erosion protection and drought resistance), climatic conditions quality (rainfall, and aridity index) and management quality indexes (elderly population, illiterate population, retired populationRead MoreOutline Of Development On Site1321 Words   |  6 Pagesrunoff because it has great potential to be absorbed through the soil and vegetation. Runoff after construction will be greater since there will be increased impervious surfaces. The runoff will also have greater potential to be contaminated with pollutants from developments on site and increased traffic. The site is almost completely covered with vegetation but after construction there will be less vegetation. Removing vegetation will increase stormwater runoff. The direct receiving water body forRead MoreDesertification Essay1149 Words   |  5 Pagesby identifying the application of a new, innovative dryland development paradigm and a research schema to help address th e key dryland challenges. Desertification, essentially limits the land’s capacity of supporting life that leads to severe soil erosion that may be irreversible in some regions. The major cause that contributes to this extreme global issue is primarily overgrazing, while secondary factors include urbanization/land development, reducing the land of resources, climate change, deforestationRead MoreThese impacts are possible to predict using some tools, being Modelling and Spatial the most800 Words   |  4 PagesOff-Site Land and Soil The project interactions will bring different problems to the soil during some different activities. The construction of the pipeline and the injection well, are the phases that more affects the soil. Some techniques used during the construction phase, such as topsoil stripping, grading, trenching and backfilling, can cause effects on the soil capability and terrain stability through alteration of the morphological and physical properties, changing the soil erodibility, thatRead MoreEcological Service And Ecological Services1128 Words   |  5 PagesMoreover, these natural services are of vast importance in maintaining the planet’s biodiversity and are an imperative contributor in stabilizing the planet’s climate. Nonetheless, certain ecological services such as the generation and the preserving of soils in addition to renewing their fertility and the ability to control agricultural pests are at an increased risk due to continues human negligence. Ecological services are categorized into four groups, provisioning, regulating, cultural, and supportingRead MoreFive Main Features Of Designing A New Venue In Town1224 Words   |  5 Pagesit away towards the water retention ponds in drainage pipes. It also prevents erosion from the surface runoff because the swales in the venue are covered in grass. Grass stabilizes the slopes of the swales. Due to less erosion, the surface waters would be less turbid as well. Another water control feature is the rip rap. Rip rap are stones that protect the soil from erosion from the surface runoff. This prevents erosion and turbid surface waters. The rip rap in the paintball park are located either

John Brown And Thomas Cobb - 2182 Words

There are several theories of racism and slavery but a few of them are universally accepted. Two universally accepted theories has been mentioned and discussed in this work along with the influences of each of them over other and upon the society. The comparison, understanding and contrast of these theories of John Brown and Thomas Cobb has been elaborated completely. The research done in this paper is all about the compassion and contrast in the two ideologies of racism and slavery. The theories of John Brown and Thomas Cobb has been discussed along with the description of the nationalism of the Gellner and its significant part in the sectional differences. The ideas of the Lincoln in the second inaugural as well as the Gettysburg†¦show more content†¦Proslavery supporters, for example, Cobb, vehemently demanded the equity and ethical quality the crucial rightness-of subjection. Cobb accepted that racially based servitude was an essential for a genuinely republican equality in light of the fact that just in such a framework were all whites equivalent in status, paying little heed to their riches, property, or station in life . Consequently, as indicated by Cobb, racially based subjugation permitted all white nationals of the country to soak up flexibility with their mother s milk. Under Cobb s perspective of the world, servitude was most certainly not an insidiousness, yet a positive decent that saved American freedom, and without servitude, opportunity in America would be undermined. Yet, Cobb additionally realized that the North, and in fact the vast majority of the rest of the Western world, accepted subjection was on a very basic level wrong and unethical. In this manner, one of Cobb s objectives in his Inquiry was to persuade legal counselors outside the South that bondage was steady with American law, great open arrangement, Christian ethical quality, and the regular request of things. Cobb did not simply team up with an arrangement of malevolence, he strived to recast the very thought of shrewd to expel subjugation from inside its definition. To comprehend Cobb and other proslavery legitimate scholars, legal advisors furthermore judges, it is imperative to first consider the curious nature of

Definition of Records Management free essay sample

In the past, records management was sometimes used to refer only to the management of records which were no longer in everyday use but still needed to be kept semi-current or inactive records, often stored in basements or offsite. More modern usage tends to refer to the entire lifecycle of records from the point of creation right through until their eventual disposal.The ISO 15489: 2001 standard defines records management as The field of management responsible for the fficient and systematic control of the creation, receipt, maintenance, use and disposition of records, including the processes for capturing and maintaining evidence of and information about business activities and transactions in the form of records. The ISO defines records as information created, received, and maintained as evidence and information by an organization or person, in pursuance of legal obligations or in the transaction of business.The International Council on Archives ICA) Committee on Electronic Recor ds defines a record as a recorded information produced or received in the initiation, conduct or completion of an institutional or individual activity and that comprises content, context and structure sufficient to provide evidence of the activity. We will write a custom essay sample on Definition of Records Management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The key word In these definitions Is evidence. Put simply, a record can be defined as evidence of an event. Records Management Is the storage preservation and retrieval of information In the shortest possible time.MUDD) Records management Is very Important for the use of storing document this topic was thought In Office Administration. The United States Department of Defence standard DoD 501 5. 02-STD defines Records Management as The planning, controlling, directing, organizing, training, promoting, and other managerial activities involving the life cycle of Information, Including creation, maintenance (use, storage, retrieval), and disposal, regardless of media.

Veil of Incorporation and Predicament of OHS Solutions

Question: (1)Write a brief explanation about why the directors duty to prevent insolvent trading exists and the circumstances and consequences of the veil of incorporation being lifted for insolvent trading? (2) From what you know of OHS Solutions predicament, DISCUSS whether any of the directors may be about to breach or have already breached the duty to prevent insolvent trading. (In order to do this you will need to compare what is happening in OHS Solutions case with other precedent cases and refer to the relevant sections in the Corporations Act.) What will you advise Ying? Answer: (1) Section 588G of the Corporation Act, 2001 states the responsibility on the directors to ensure that the company is solvent especially in those cases when the debt is incurred by the company (Thomson Reuters, 2015). The directors have to prevent insolvent trading by the company. It is said that this duty imposed on the directors is made in order to protect the unsecured creditors of the company (Ramsay I, 2000). The directors have been bestowed with this responsibility towards the company. This shall be said to have been breached in the following situations: When the company is insolvent or becomes insolvent because of the debt; There were reasonable grounds to believe that the company is insolvent or will become insolvent The directors are aware of the fact that the company is insolvent or likely to be insolvent (Comasters, 2003). The director will be said to have breached the duty under Section 588G when he knows that the company is insolvent or will become insolvent and incurs debt. The directors have been given the right under section 588G to prevent insolvent trading and in case the same is breached the directors have the right to make necessary claims. In case the director knows that the company is insolvent and is incurring debt then Section 588M allows recovering the compensation for damages suffered from the directors. The creditors suffer loss in such cases as the whole debt or part debt is unsecured. The liquidator shall have the right to claim damages against the director (Worrels, 2013). The directors of the company are required to carry the business of the company with care and diligence. The directors cannot escape by stating that they had no knowledge about the fact that the company is insolvent when the company was incurring debt. If they are not aware about the financial capabilities of the company then they have not obliged their duty of carrying due diligence and care. In the present case study the directors are also the shareholders of the company and they are fully liable for the actions they have undertaken (Research Matic, 2013). The directors are aware about the fact that the company has a huge amount of debt due and if it incurs a new debt then it will become insolvent. This shall not be recommended by the directors of the company. Once the company is registered it is a separate legal person than its members. Its liabilities are separate from the liabilities of its members. The court clearly states that the members shall not be held liable for any liabilities of the company no matter what position or role they hold in the company. This was clearly stated in the case of Saloman v Saloman Co. Ltd (1897, HL). The company has been formed under the Companies Act and has a separate legal entity. Mr. Saloman acts only as an agent of the company. The ownership and management of the company do not go hand in hand. It was decided that it is necessary that the secured creditors of the company are paid before the unsecured creditors of the company. This is a prime case of lifting the corporate veil. Lifting of veil of incorporation for insolvent trading was made to increase the level of responsibility on the directors for the decision they make affecting adversely to the creditors. When the directors of the company are al so shareholders of the company then the creditors may attach liability to the directors of the company by lifting the corporate veil. In the case study all the directors Des, Emma, Satish and Ying-director of Support Pty. Ltd are shareholders of the company and hence as the company is being poorly managed which is making the company move towards insolvency they shall be liable towards the payment to creditors of the company. In such a case if any decision is taken which makes the creditors feel that their unsecured debt would be at stake because of the decision it shall lift the corporate veil. The same has also been illustrated in the case of Adam v Cape, where the Court of Appeal held that the corporate veil shall only be lifted where the company has concealed the true facts. The grounds for lifting of corporate veil should be when the justice has not been granted or sham or fraud exists (Ramsay I, 2000). The court shall lift the corporate veil of incorporation when the company ha s been made to be used for dishonest or wrongful purpose. Also illustrated in the case of Gilford Motor Co. Ltd v. Home [1933] Ch 935 (CA), where the defendant was the managing director of the company and was regulated by a covenant that he shall not approach the present clients after his termination of services. After leaving the company he started a new company with his wife and approached the same clients of his earlier employer. This is wrong use of his contacts. The main aim for lifting the corporate veil is to prevent the protection of limited liabilities being wrongly used and to reduce fraud and sham. The concept of lifting the corporate veil applies only to those members who have actually violated the rules and created such a situation (Law Teacher, 2003). It is for the protection of those parties who have a trust relationship with the company. (2) All the directors of the company know the fact that the company, OHS Solutions, has become insolvent as it finds out a large account from Trouble Shooters that was overdue. Now though Ying knows that the management of the company is not doing well and that OHS solutions could be purchased, it is not legal for Ying to get into such a transaction. As, Ying is the director of the company she has the duty to not get involved in any kind of trading knowing that the company is insolvent. This is against Section 588G of the Corporation Act, 2001. Moreover, Support Pty. Ltd. is also a guarantor for the debt taken by OHS Solutions and so cannot buy OHS solutions. In case any of the directors, namely, Des, Emma, Satish and Ying get involved in any trading activity when OHS is insolvent they shall breach their duty as a director. Till now they have not breached any of their duty as they have not got involved in any trading activity since the time they came to know that OHS has become insolv ent. All the business transactions are done before declaration of company being insolvent was made. The directors shall commit criminal offence in case they do any wrong activity to incur debt. The main purpose of imposing this duty on the director is to increase the responsibility of the director and to protect the well-being of the shareholders of the company (PWC, 2011). Directors are considered to be in the like position in the company where he knows about the affairs of the company and so the company considers various factors like the size of the company, the type of the business, delegation of functions and responsibilities, distribution of work, expertise area etc. In a company the executive directors take participation in day to day management of the company and are supposed to know about the financial position of the company whereas in case of non-executive directors, they are not involved in the day to day working and generally rely on the information given to them on various occasions and forms like board meeting, various notices or agendas etc. Like in the case of Metal Manufactures Ltd v Lewis (1988) 6 ACLC 725, there were only two directors of the company, Primary Metals and Resources Pty Ltd; namely, Mr. and Mrs. Lewis (the company). In September 1993 the company went into a contract with the plaintiff. In the later stage the company did not oblige by the duly signed contract which led to award of damages against the company. The plaintiff later discovered that the company was given orders to wind up the company in September, 1984. Knowing this fact the plaintiff sued both the directors on the basis of trading when the company was insol vent under Section 556 of Companies (NSW) Code. The case was concluded by stating that there were only two directors in the company in which Mr. Lewis was the managing director of the company and because of his position in the company he shall be deemed to have entered into a contract on behalf of the company with the plaintiff. When the contract was entered the company was not in good financial conditions to pay off its debts. Mrs. Lewis was not involved in the day to day working of the company and she was in the company designated as a director only for the signing purpose. She had no knowledge about the debt due on the company and whenever she took interest in the same she was told by Mr. Lewis to not get involved in the same. Mrs. Lewis was in no way associated or aware about the debt conditions of the company. Mr. Lewis did not contest liability under section 556 of the Companies (NSW) Code and accepted with the judgment passed whereas Mrs. Lewis raised for defense under sectio n 556(2)(a) and she got success in the trial. A plea was made against the decision passed in favor of Mrs. Lewis which was dismissed by the Court of appeal stating that the appeal is rejected and the decision taken under trial is correct. It is concluded that the silent directors of the company shall not be liable for incurring debt taken by the managing directors where they had no role to play in taking the decision of raising or incurring debt. In this case the silent director shall not be held liable (Law of Association). In the case study of OHS Solutions, Ying and Emma are the non-executive directors of the company but in the board meeting held in March they all are made aware about the financial position of the company and hence they cannot take the defence of not being aware about the debts reflecting in the accounts. Therefore, as per Section 588 G the directors of the company cannot get into any trading when the company is insolvent. I would advise Ying of not getting into any trading activity even though he is a non-executive director of the company but he is accountable equally as an executive director. If he undergoes into any trading activity when there were reasonable grounds to believe that the company is not solvent he shall be equally liable for punishment. Ying in such a case shall be punished under Section 588G. The same has been illustrated in the case of Statewide Tobacco Services Ltd v Morley (1990) 2 ACSR 405, it was held that a non-executive director who cannot stop the company fr om incurring debt because it requires voting from a majority of shareholders shall not take this as a shield of not been able to stop the company to incur debt when the company was insolvent as he did not have support from majority of directors. This is because that even though he did not have support from majority of directors he is still required to take all necessary steps to prevent the company from trading when it was insolvent. The proof that the non-executive director had taken reasonable steps to stop the company from trading while insolvent if he was not able to convince other directors to not incur debts when the company is not solvent and the director has asked for winding up of the company or given his/her resignation (Lewis P, 2010). There are also various defences available to the directors in case they are not able to stop the company from incurring any debt (PWC, 2011). The cases would be: 1. When the director is under this impression that the company is solvent when the debt has incurred as there are reasonable grounds to believe so and that the company would not go insolvent after incurring the debt (PWC, 2011). In such a case the court shall observe that whether the statements given by the director are justified or not. What needs to be seen is that whether the company will be able to pay off its debt when it becomes due or not. In the case of Metropolitan Fire Systems Pty Ltd V Miller the court held that to suspect something entails lesser level of knowledge than to expect it. Expectation should be more than just hoping for it. The directors should be confident when they claim a time when the company will be able to pay of its debts in future course of time (Ramsay I, 2000). 2. The director believes that there is a reliable person who is monitoring the solvency of the company and informing the director about the same. The directors should have a reasonable ground to believe that the person is fulfilling its responsibility (PWC, 2011). In such cases the directors expects that the company is solvent at the time when the debt is being incurred based on the information given by such reliable person and hence believe that the company would remain solvent even after the debt will be taken(Ramsay I, 2000). 3. The time when the debt is incurred the director does not take any participation in the management of the company because of health reasons or any other good reason for non-participation (PWC, 2011). 4. The director has taken all the necessary steps to prevent the company to incur debts when it was insolvent (PWC, 2011). One example of it is where the director has taken any step for appointment of administrator of the company (Ramsay I, 2000). The main aim of framing of Section 588G in the Companies Act is to protect the interest of creditors of the company. Though it may look like after going through the section that competent people might shirk away to take the responsibilities and position as a director of the company because of the responsibilities it holds and punishment it takes along with non-fulfilment of responsibilities. However it can be argued on the same that the all the penalties imposed on the directors for breach of their duty under Section 588 G has been neutralised and supported by provisions of Section 588H. Section 588H is made to protect the interest of the directors and give them a sigh of relief (PWC, 2011). It is very essential for the directors to know and understand the duty they have been given to prevent insolvent trading and should give its advice as and when the company is in any financial difficulties thereby advising the company with any alternative solution to prevent the company from getti ng into insolvency and to ensure that their position as a director is well protected (Merity C and Harris S, 2010). BIBLIOGRAPHY: Thomson Reuters, (2015), Directors duty to prevent insolvent trading, Available from website: https://www.findlaw.com.au/. [Accessed on 22nd January 2015]. Ramsay I, (2000), Company directors liability for insolvent trading, CCH Australia Limited, Melbourne. Comasters Law Firm and Notary Public, (2003), Directors duty to prevent insolvent trading, Available from website: https://www.comasters.com.au/. [Accessed on 22nd January 2015]. Worrels, (2013), Insolvent trading, Available from website: https://www.worrells.net.au/. [Accessed on 22nd January 2015]. Law Teacher, (2003), Lifting the veil separation of the personality, Available from website: https://www.lawteacher.net/. [Accessed on 22nd January 2015]. Research Matic, (2013), Veil of Incorporation, Available from website: https://www.researchomatic.com/. [Accessed on 22nd January 2015]. Pricewaterhouse Coopers, (2011), Company law duties, Available from website: https://etraining.communitydoor.org.au/. [Accessed on 23rd January 2015]. Law of association, Insolvent trading, Notes from the Law of Associations course Available from website: sydney.edu.au/. [Accessed on 23rd January 2015]. Merity C and Harris S, (2010), Australia: ASIC releases new guide for directors on duty to prevent insolvent trading, Available from website: https://www.mondaq.com/ [Accessed on 23rd January 2015].