Two years ago Fin inherited some money and decided to invest the money in company shares.
At that time he heard that Heave Ltd was badly in need of additional capital and that the directors had decided that the only way to raise the needed money was to offer fully paid up £1 shares to new members at a discount price of 50p per share. Fin thought the offer was too good to miss and he subscribed and paid for 20,000 new shares on this basis. However, Heave Ltd has since gone into insolvent liquidation, owing a considerable sum of money to its unsecured creditors.
With the remaining money of his investment Fin subscribed for 10,000 shares in Irk plc. Although they were nominally £1 shares, he was required to pay a premium of £1 for each share he subscribed for. The shares are currently trading at £2 per share.
【论述题】
Explain the extent of Fin's liability for Heave Ltd's debts
