Reflective diary Essay Example | Topics and Well Written Essays - 3000 words - 2

Reflective diary - Essay Example From this lesson, I managed to learn on the meaning of culture shock. It refers to a personal disorientation that an individual may feel, when he or she is experiencing a way of life that is unfamiliar, that is brought about due to his or her immigration status, or the visitation of a new country (French, 2010). It is also possible to refer to culture shock as a movement that an individual experiences when he or she is between social movements, or as a new type of living. The definition of culture shock was very similar to the definition that I had, concerning culture shock. This is because, as I understood it, culture shock was a situation whereby an individual was experiencing some new cultural values, and he or she could not fit into these new cultural values. From the lessons, I learnt that this aspect of culture shock has six major components, and they are, a strain that emanates because of the desire on an individual to adapt to a particular culture, a sense of the loss of professionalism, and status, feelings of rejection by members of the new culture, confusion in values, roles and self-identity, disgust, anxiety and anger in regard to particular practices, and a sense of helplessness (Hofstede, 2005). These components of culture shock are very familiar to me. This is because it reminds me of a time when I had gone to visit some relatives in Brazil. The dominant language spoken is Portuguese, and I was unable to fit in within the society. This is because I could not understand the language; hence I was confined in the house, on most of the occasions. I felt rejected, mostly because nobody was willing to listen to me, mainly because I could not speak Portuguese in a fluent manner. My socialization was only limited to my relatives. Furthermore, I was confused, and I had a feeling of helplessness. The situation that I was passing through is an example of a culture shock, and it meets all the conditions identified by Kalervo Oberg,

Creditor's position in the case of company's insolvency Coursework

Creditor's position in the case of company's insolvency - Coursework Example mpany had already started showing signs of insolvency prior to availing of the said loans. Section 213 of Insolvency Act 1986 and section 993 of Companies Act 2006 (CA) refer to fraudulent trading. Section 214 of Insolvency Act 1986 refers to wrongful trading. These are the provisions which can be invoked against the company, its directors and others concerned for relief to the creditors.2 Besides, other provisions of Insolvency act are to be followed for realisation and pro-rata payments to all the classes of creditors of the company. Section 993 of the CA stipulates that it is an offence to continue to carry on business of a company intentionally to defraud creditors of the company or any other person or for any fraudulent purpose. Every person who is a party to above said acts is deemed to have committed an offence.3 Section 213 of Insolvency Act stipulates that if fraudulent trading is found to have been committed as above during the course of the winding up of a company, those w ho were knowingly parties to the above said offence shall be liable to contributions to the company’s assets as may be ordered by the court on the application of the liquidator.4 Section 214 of Insolvency Act stipulates that it is a wrongful trading committed by a director of a company and therefore a court can make a declaration that he is liable to make contribution to the assets of the company, if he has failed to make proper conclusions and take steps necessary for discontinuing the business knowing full well that the company’s going into insolvent liquidation was unavoidable. It is subject to the condition that company has gone into liquidation and that the person was a director of the company at that time. However, section 214 (3) stipulates that the court shall not pass any such declaration if the director has taken all possible steps to minimise potential loss to the creditors of the company. The director also includes a shadow director. This section is without prejudice to section 213 above.5 Fixed charge and Floating charge It is a means of creating security over specified or unspecified asset or property. Fixed charge is one which is fastened on an ascertained and defined property or a property capable of being ascertained and defined. In this case, the chargor is not free to deal with the property without the consent of the chargee. A floating charge is one which fastens on assets which the chargor can freely deal with, without the consent of the chargee. Thus fixed charge is generally on fixed asset, long-term asset or immovable property whereas floating charge is on movable property such as stock in trade. However, to decide whether one is a floating charge or fixed charge, it depends on the instrument of charge which spells out the intention of the parties regarding their mutual rights and obligations over the assets charged. Therefore mere labelling as fixed or floating will not prevent a court from treating a charge otherwise.6 D irectors’ duty towards creditors Director’s duty is to act in good faith so as to promote success of the