Company Law

Company Law

Martin ran a business as a landlord renting property to tenants using a house that he had owned for a long time.
The house was now worth £250,000. He decided to form his rental business into a company to be called
“Martin’s Properties Ltd”. He then purchased a second house to rent to tenants for a price of £300,000.
On the 1st September, he formed a contract with Furnishing Supplies Ltd to purchase some new furniture for his
properties. He signed the contract “Martin’s Properties Ltd”.
Martins Properties Ltd was incorporated on the 1st November. Martin then sold his first house to the company
for £400,000 and sold his second house to the company for £600,000. Martin did not disclose to anyone the
profit that he made from these sales.
Martin’s Properties Ltd have now received a bill from Furnishing Supplies Ltd for the furniture that it supplied.
Martin’s Properties Ltd has also discovered the profit that Martin made from selling his houses to the company.
Advise Martin’s Properties Ltd (a) on whether Furnishing Supplies Ltd have any legal rights to claim payment
for the furniture supplied, and (b) on whether Martin’s Properties Ltd have any legal right to claim compensation
from Martin in relation to the profits that he made on the houses that he sold to the company.

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