what was the aftermath of the first mentioned case above?
The company was reconstituted as The Royal Mail Lines Ltd.
Royal Mail Case
Following Kylsant's conviction the company was liquidated, and reconstituted as The Royal Mail Lines Ltd with the backing of the British government.
what is royal mail case? A noted English criminal case in 1931. what is the background of this case? The director of the Royal Mail Steam Packet Company, Lord Kylsant, had falsified a trading prospectus with the aid of the company accountant to make it look as if the company was profitable and to entice potential investors. where is the aforementioned company from? London. what is this company's history? It was founded in 1839 by James MacQueen, ran tours and mail to various destinations in the Caribbean and South America, and by 1927, was the largest shipping group in the world. what happened during its reconstitution? The new company took over the ships of RMSPC and other companies of the former group. what are some lists of rmsp ships? UNANSWERABLE
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Royal Mail Case [SEP] Aftermath
Following Kylsant's conviction the company was liquidated, and reconstituted as The Royal Mail Lines Ltd with the backing of the British government. The case led to several changes in the way companies were audited. Because many accountants shared Plender's view that secret reserve accounting was a regular and respectable practice, and because the pair had not been found guilty of publishing false information as a result of this, the professional response was disjointed and half-hearted. There were major changes, however: although the practice of secret reserve accounting remained acceptable, companies disclosed their use of this in their audit reports. The Companies Act 1947 made it clear that failing to disclose the use of this process was unacceptable, and undermined the "true and fair view" companies were required to give in their financial statements.