Ompany Lawfor question see assignment criteria below

W&H Ltd is a company that carries on business providing management services to commercial organisations. Its directors are Jean, Lynette, Lauren, and Ryan, who also, between them, own all of the shares in the company. Each owns one quarter of the company s issued shares. Jean, Lynette and Lauren think that W&H Ltd is not as profitable as it should be. They attribute this lack of profitability to Ryan s incompetence.

They are also concerned that W&H Ltd has mounting debts. Jean, Lynette and Lauren are approached by a large foreign group wishing to establish itself in the United Kingdom. They have been asked to provide management services, computer software and training. They believe from negotiations that the proposed arrangements would be highly lucrative. They consider that it would be more profitable to carry out any proposed contract though a new company, in which Ryan has no involvement. Jean, Lynette and Lauren therefore decide to form a new company, LJM Ltd, in which they will be the only directors and shareholders.

LJM Ltd is duly incorporated. Realising that W&H Ltd has suitable training facilities and all of the equipment necessary to fulfil the potential contract, they resolve at a board meeting of W&H Ltd that W&H Ltd will sell its premises, equipment and all stock in trade to LJM Ltd. LJM then purchases these assets for substantially less than their market value.

Contracts are subsequently executed by LJM Ltd and the foreign group. Jean, Lynette and Lauren find that they spend all of their time working for LJM Ltd, and the business of W&H Ltd deteriorates to such an extent that it becomes insolvent and is put into liquidation.

The liquidator of W&H Ltd has approached you advise as to:

a)whether it is possible to lift the corporate veil and make LJM Ltd liable for W&H s debts ; and

b)whether and what breaches of fiduciary duty Jean, Lynette and Lauren may have committed in relation to W&H Ltd.
Footnotes must not be used to introduce material that should be in the main text.

there must include a bibliography in correct form

Word Limit: 3000 (Excluding footnotes and bibliography)

must be a brief introduction and a conclusion rounding off the answer.