statutory and common law

LAW
ASSIGNMENT 1
Read the case excerpt. Identify the issues and discuss the relevant statutory and common law positions. This activity is worth 8%. A model answer is provided for your
guidance below and is to be used for all similar assignments.
a. Margaret, Anderson, Rampee and Sheila, all successful UWI Open Campus graduates and good friends, are contemplating creating a company that specializes in the
development of apps for select clients throughout the Caribbean region. The four friends currently develop apps upon request and divide the profits equally among them.
They have already developed apps for clients in Trinidad & Tobago, Barbados and St. Lucia, which have all been extremely successful. However, there are no formal
arrangements in place and everything is done on an ad-hoc basis. Margaret and Rampee believe that the arrangements currently in place should be formalized by creating
a company, whereas Sheila and Anderson believe that they should continue as they have been for the past year or so. Advise the four friends on the best way forward,
whether they should incorporate and the advantages and disadvantages of doing so. You may utilize the laws of your jurisdiction or the laws of Trinidad & Tobago
b. Latewood Airlines Travelling Enterprise (L.A.T.E.) has been experiencing grave financial problems and the company has become insolvent. The Directors of L.A.T.E.
come to you seeking advice on what the company can and cannot do in the circumstances. Please advise them according to the laws of your jurisdiction.

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