LAW 2629: This assessment is an individual assessment and consists of TWO parts: Company And Finance Law Assessment 2 Semester 3 2024, RMIT University

This assessment is an individual assessment and consists of TWO parts.
The total mark for the assessment is 30 and is made up of:
Written assessment: 20 marks  And Video presentation 10 marks.

To obtain any marks for this assessment BOTH components must be completed. If only one part is completed, then NO marks will be awarded at all for the assessment.

PART 1:

This part consists of a written advice report where you will be required to provide written advice (supported by legislation, case law and where appropriate regulatory guidelines)

Part 1 is worth 20 marks.

The assessment is available from Sunday 18 August 2024.

The due date is Friday 6 September 2024 by 7:00 pm SGT via Turnitin.

The word limit will be 2,000 words plus or minus 10%.

WRITTEN REPORT EXPECTATIONS:

Christopher the partner of the accounting/advisory firm and Ateemah your senior manager have been happy with the work so far that you have done for the client Bloomingdale Florists Pte Ltd.

They have another client which they would like you to provide advice to.

In the written advice that you are to prepare you are expected to demonstrate that you understand the relevant law and how the law applies to the issues raised by the client and come to a logical conclusion.

You are also expected to discuss the law and the circumstances given the current economic environment that Singapore is in and how it may impact on your advice to the client.

In your written advice you must relate the law back to the circumstances of the client. Mere statements of law without relevance to the client facts will be penalised. You must be able to justify your conclusion by reference to the relevant legislation in the Companies Act, or any other legislation you think appropriate, regulatory guidelines issued by ACRA where relevant and case law.

You are to prepare the report based on the fact it is to be presented to the clients who are not lawyers or accountants. They expect to see a concise and justified statement of advice and conclusion based on the issues raised.

Christopher and Ateemah have high expectations of you and will not accept:

any grammatical errors or unsubstantiated statements or conclusions made in your report.
Incorrect spelling or references to the client
They will not tolerate any material copied from textbooks, google or any other source which you attempt to pass off as your own material, nor the use of artificial intelligence software such as ChatGPT.

You must use the RMIT Harvard System for referencing. See attached link for how to use it.

https://www.rmit.edu.au/library/study/referencing

You have been with the organisation for six months and you are in line for a pay rise and possible promotion. Your performance on this task will determine whether you get them or not.

THE WRITTEN ASSESSMENT:

Background:

BMW Ltd (BMW) is a company listed on the SGX and is a large and important client of the firm. It is a vertically integrated House of Natural Brands at the forefront of the global natural beauty and wellness movement and is involved the sale of cosmetics. The company’s portfolio consists of market leading brands that span multiple personal care categories and are currently sold throughout Australasia, Asia, the Americas, Europe and the Middle East. It sells its products to various retailers.

Due to cost-of-living pressures and companies “duping” their brand name products the company has suffered a significant decline in revenue.

Retailers have reduced their inventories as consumers tightened their belts and the manufacturing sector responded by duping brand name products.

The company’s expertise is in innovation, product development, manufacturing and marketing natural products which makes the company unique in the beauty industry.

The goal at BMW is to make natural beauty the only choice for people wanting to live a healthy, balanced life, free from unnecessary toxins.

Its operations are based in Singapore and Melbourne, Australia.

It recently acquired 50.1% of a well know brand of cosmetics call Run-To at a cost of $89.5M. It paid $40.5m as an initial payment for the business. The owner of the Run-To brand is entitled to the balance of another $49m in 12 months’ time provided certain sales targets are maintained.

However, due to rising costs of living, interest rates, consumers are not spending as much on discretionary beauty products and looking for cheaper versions offered by supermarkets and discount chemist chains.

This has led to a downturn in revenue and also the company is struggling to pay back the interest on the debt borrowed from the OCBC Bank Ltd (OCBC) and may not have the funds to pay the balance to Run-To in 12 months’ time. The OCBC has currently relaxed its loan covenants which have been breached by BMW but has indicated that it is unlikely to do so again unless there are legitimate business reasons to continue allowing the company to breach the loan covenants.

The chairperson Stephan, the Managing Director Thinus and the CFO Bruce of BMW have requested a meeting Christopher to discuss various issues.

Christopher is away in Sumatra on client business and cannot attend the meeting. He will not be back until Monday 9 September 2024.Therefore, he has requested the senior manager (Ateemah) to organise the meeting with the clients. You have been asked:

To sit in on the meeting and take notes on the issues raised and then to prepare a written report on the matters for review by Ateemah. The meeting is scheduled for Monday 2 September 2024 at 8 am.

You will be expected to take notes of the meeting and then prepare a draft statement of advice for Ateemah to review. You are to use the attached template form to prepare your draft statement of advice. Once she is happy with the report, she will send to Christopher for review.

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