Month: June 2019

Memorial Day,as it is every year,was honored all over the country this year. But in a small community near Downtown Chicago, a breakfast was held that raised money for veterans and service members in need. The breakfast event,held in Deerfield,IL near business apartments and other suburbs like Downer’s Grove,was held by the Support Our Soldiers Freedom organization,a non-profit that is dedicated to providing emergency financial assistance to veterans and other service members who are in need.

A Deerfield resident named Marilee Papale started the organization in 2015 after she discovered that her Air Force veteran husband was having trouble finding resources after serving his country. The couple,who lives near one of the city’s furnished rentals,also has other relatives that are veterans who experienced similar issues.

“To try to go out and get help outside of what the military does is extremely difficult,” Papale told a freelance news reporter at the Memorial Day Breakfast. “As a civilian who is thankful for the freedom we have,this is what I wanted to do to help fill those gaps.”

This isn’t the first Memorial Day event that the organization has held. Last year the group hosted a 5K,and this year they are attempting to host something a little more unique – a virtual 5K that can be participated in by people from all over the world.

On top of all that,the S.O.S. organization goes one step further when it comes to supporting the troops by offering scholarships to students who are planning on entering the military out of high school,something that is greatly appreciated by many families in the Deerfield Community.

Whether it’s a nice little breakfast or a 5K race,getting the community together to support the troops on Memorial Day is always a good thing.

By John Sage Melbourne

The frustrating power of one’s ideas over one’s behaviours,capabilities and general lifestyle is well known and has been well documented throughout background. One of the most concise expression of this mental concept is Henry Ford’s excellent quote,

“Your financial beliefs will either you or dis-empower you to create wealth in your life.”

Battlers typically stop themselves from progressing to higher levels of monetary success as a result of their limiting belief systems.

Their limiting ideas stop them from having riches in their lives by:

* ceiling their monetary growth at a specific degree,

* undermining their growth as they attempt to get past that degree,

* or stop them from ever obtaining past their current degree in the first place.

Fully grown investors discover to disengage from their limiting ideas and discover to acquire empowering ideas. Battlers,on the various other hand,continue to be victim to their monetarily limiting belief systems because they continue to be unconscious to them.

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Particularly,there are three groups of ideas that can either equip or dis-empower combatants to create their monetary proficiencies:

* Self-Image Beliefs

* Self-confidence Beliefs

* Policies.

Do these factors sound a bell for you? It’s alright if you’ve noticed that you have several of these ideas– they’re really common. Additionally,identifying them is the very first step to being able to doing something to counter them. You’re on your method!

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Whenever a business has been declared insolvent and liquidated,an investigation will be made into the affairs of the business leading up to the insolvency. Creditors may then get partial payment from the liquidated company – normally by a solicitor (liquidator or administrator) who has been employed to resolve the affairs of the business.

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However,if the investigation indicates that the directors of the company acted or failed to act in a way that were not in the best interests of paying creditors,they can be held liable personally for the remaining amounts that should have been paid to creditors. These are called misfeasance claims. There are a number of different actions that are thought to fall under the definition of misfeasance.

What Actually Constitutes Misfeasance?

Any deed that is in breach of a director’s fiduciary duty to care for the company,its clients,creditors and the public in general could be considered to be misfeasance. An example is the misappropriation or misapplication of the funds,assets or property of the company that resulted in insolvency or the inability to meet financial obligations to creditors. The following misapplication of funds constitutes misfeasance:

– Preferential payment where one creditor has been paid or has been promised full payment instead to other creditors.

– Selling assets at less than their real value.

– Concealing assets or removing assets from the business with the intent to prevent them being used to pay creditors.

– Drawing a higher salary regardless of the failing financial state of the company.

– If the director has actually declared or paid illegal or incorrect dividends.

The breach of duties that are given to a director by the Companies Act 2006,can result in a misfeasance claim by one or more parties.

Just What Are Misfeasance Claims?

Anyone owed money that can prove that a director was in breach of his fiduciary duties resulting in the non-payment or partial payment of the company debt,can claim for misfeasance. The appointed liquidator or administrator will normally investigate the insolvency as well as the actions of the directors after insolvency for misfeasance. If misfeasance is then been found,a monetary claim in the amount of misfeasance,asset or partial compensation (plus interest) can be sought against a director in their personal capacity. If the claim is successful,the funds will be paid back to the company from which creditors will be paid.

Possible Defences Against Misfeasance?

There are a variety of defence options that a director can take to protect themselves against a misfeasance claim. One common defence is the Duomatic Principle where a director cannot be held liable if he acted in accordance with a vote by shareholders which make his actions that of the company and liability for the actions the responsibility of the business. A statutory defence can also be made where it can be proven that the director was acting in the best interests of the company at the time.

It is vital for directors to know what are misfeasance claims in order to avoid acting in any way that is breach of their fiduciary duty and get legal assistance before acting in a manner that could constitute misfeasance.