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Your assignment is to prepare and submit a paper on fortress ltd. A promoter of a company is an individual who “undertakes to form a company with reference to a given project and to see it going, and
Your assignment is to prepare and submit a paper on fortress ltd. A promoter of a company is an individual who “undertakes to form a company with reference to a given project and to see it going, and who takes the necessary steps to accomplish that purpose (Twycross v Grant 1877, 469). On the facts, Adam undertook to form Fortress Ltd. for the express purpose of securing a security services project for the Olympic games. All indications are that Adam intends to supervise the project and to ensure that it is accomplished. The mere fact that he is securing the loan for the proposed company’s project substantiates his supervision of the project. Moreover, since the term promoter is essentially a business term, whether or not a person is a promoter is question of fact (Whaley Bridge Calico Printing Co. v Green 1880, 109). On the facts of the case for discussion and pursuant to common law, Adam is for all intents a purposes a promoter. In general a company cannot be held liable for the breach of a contract that was concluded prior to the company’s incorporation (Kelner v Baxter1886 174). In cases where the contract was formed prior to the formation of the company, the person or promoters acting for the proposed company prior to its incorporation are generally liable in a personal capacity (Kelner v Baxter1886 174).
