In the directors' view, the dividend was illegal, as at the time the company had insufficient net assets.
It took only a month for Radford to announce he had seen the statement made by Saunders and his two fellow former directors in the 2008-09 accounthathathehe £2.44m dividend "should not have been made because the club had insufficient net assets to permit it at that time", and to appoint Pinsent Masons.
Mr. Gibson's lawyer of four years, Cathy Fleming, said today in United States District Court here that he had insufficient income and assets to pay her to represent him.
On acceptance, the heir became owner if the deceased was owner, creditor if he was creditor, and debtor if he was debtor, even though the assets were insufficient to pay the debts.
With capital insufficient to support their assets, Japanese banks have almost stopped lending at home.
Where the borrower's assets are insufficient to repay its debts, the debts have to be written off.
Citing the Supreme Court's definition, the guidelines state that numeric thresholds such as percentages of revenue, income or assets are insufficient to define what's material.
"Tulane hospital in downtown New Orleans," Dr. Fink writes, "was also dark, hot and surrounded by water, but officials at its parent corporation, HCA, had been proactive about arranging for private helicopters and buses to rescue patients, employees and their families, betting correctly that government assets would prove insufficient".
At the time, I criticized Johnson for only measuring U.S. influence in terms of military assets and paying insufficient attention to soft power.
Individuals and families are caught unaware as treatment options are expensive and their savings or assets are usually insufficient.
