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    Joe Proctor is the owner of Proctor & Co. and Joe & Partners

    Instructions: Answer ALL questions below.
    Question 1 (20 marks)
    Joe Proctor is the owner of Proctor & Co. and Joe & Partners. Proctor & Co. runs a trading business specializing in textile trade. Joe & Partners is a small local accounting firm. For years, Joe would like to involve his eldest son, Edward Proctor, in his textile trading business. Joe would like Edward to eventually take over Proctor & Co. one day. Joe’s youngest son, Tom Proctor, is very good with numbers. Tom recently got qualified as an accountant in Hong Kong. Joe wanted Tom to join Joe & Partners as soon as possible.
    Joe came to you for assistance in respect of the prospective transfer of business interests in Proctor & Co. and Joe & Partners. He said, “I want to make Edward a director. He will be the chairman one day. I want to transfer some shares to him as well. As for little Tom, I will just hire him as an accountant now, but will transfer the practice to him in 9 months time if he performs well.”
    Advise Joe Proctor on the prospective transfer of business interest. Question 2 (30 marks)
    Jeremy Choy is the owner of a teahouse in Kennedy Town. He inherited this business from his father, Melvin Choy. Jeremy recalls his father telling him, “Please keep these share transfers and contract notes in a safe place. I am giving the company to you now. You will be the owner of the teahouse.”
    On 1 June 2016, twenty customers fell ill after consuming tea at Jeremy’s teahouse. They reported the incident to the public health authorities and an investigation revealed that the tea was contaminated by e-coli. After a nine-month legal battle between the twenty customers and Jeremy’s company, judgment was entered in favour of the customers. The aggregate damages amounted to HK$500,000.
    Jeremy has come to you for advice: He said: “I don’t think there is enough assets under the teahouse to pay for the judgment debt. I can probably sell the expensive 50- year old Puer Tea for HK$200,000. For private assets, I do own a car with probably a secondhand value of HK$200,000. I also own a very nice antique vase from the Ming Dynasty, probably valued at HK$100,000.”
    Advise Jeremy if he needs to sell his personal assets to satisfy the judgment debt.

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