The Veil of Incorporation - Free Essay Example

Sample details Pages: 8 Words: 2439 Downloads: 1 Date added: 2017/06/26 Category Law Essay Type Analytical essay Topics: Act Essay Did you like this example? Veil of Incorporation The veil of incorporation means there is a separate personality between the members and the company. Thus, protecting them from being personal liable for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s debt and other obligations. (Reference) The members of the company are the shareholders, employee and director. Veil of incorporation will protect the members of the company by establishing a limited liability. This will protect their personal assets and wealth, and expanding the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s venture. Undeniably, this will create a win-win situation for both the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s members and the company. If any legal actions are taken against the company, such as being sued, the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s member will only lose the initial amount invested. For example, if a person has incorporated a company, and the company has incurred a debt of RM 1,000,000 and unable to pay it. And when the debtors decided to take legal action and sue the company, then the veil of incorporation will be applied and protecting his personal assets from being seized. Thus, he would not need to pay the RM 1,000,000 debt because the company and he are a separate entity. History of Veil of Incorporation The veil of incorporation concept was adopted back in 1897. In the case law, Salomon v. Salomon 1897, (EXPLAIN) Lifting the Veil of Incorporation Most of the time, the courts do not go against the veil of corporation. They will just treat the members and the company as a separate legal entity. But in some circumstances or situations, the court would have to take the action by lifting the veil of incorporation if it has been misused or the justice are being threatened. For example, a member of the company uses the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s name to commit fraud or to cover their wrongdoings, then that is considered as misuse of the veil of incorporation. In the end, the veil of incorporation will be lifted, and the cou rt will take necessary action against the member of the company. According to the Companies Act 1965, there are few conditions where the veil of incorporations will be lifted to reveal the wrongdoers or for justice purpose. There 9 sections in the act that state when will the veil of incorporation will be lifted. First of all, Section 36 of the Companies Act 1965 states that it is prohibited to carry a business with less than the statutory minimum of two members for more than six months. The member of the company that is handling the business with fewer than two members after that particular period of six months shall be liable for the payment of any debt incurred. If this situation is not handled and it exceeds the six months period less than two members, then the court will ignore the veil of incorporation. The company and the responsible member shall be guilty against this act. The default penalty would be a fine of RM 2,000. Furthermore, Section 46 of the Companies Act 1965 states civil liability of members of the company for the misstatements in the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s prospectus. Company stakeholders will depend a lot on the prospectus of the company to make financial decision such as buying or selling of the company shares. If the company prospectus contain material misstatements, then it will result in providing false and inaccurate information to the stakeholders. Thus, greatly affecting the stakeholdersà ¢Ã¢â€š ¬Ã¢â€ž ¢ decision making. The court will then take legal action against the person responsible by lifting the veil of incorporation. Section 46(1) mentions that the director of the company, person who is named in the prospectus as director or as having agreed to become a director, promoter of the company, and person who authorized and caused the issues in the prospectus shall be liable to pay compensation to stakeholders that purchase any shares and debentures on the faith of the company prospectus and suffered loss and damage s due to the misstatement. Section 46(2) states Section 46(3) states that there are four ways that the member of the company shall not be liable on the debts that incurred. First of all, if he is able to prove that he as the director withdraw his consent before the issue of the prospectus. The second way is that the prospectus was issued without his permission, and he managed to give public notice after realizing it. The third way is that the he realized the misstatements in the prospectus after issuance of it, and withdrew his approval of the prospectus by giving out a public notice. Lastly, it is when at the time of the misstatements were made, he believed the statements were true. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Moreover, Section 119 of the Companies Act 1965 states a company must register their office once it commends its business. Once it starts its business, the communication or notice should be able to access to the public for not less than 3 hours on every business hours during ordinary business hours, except for weekly and public holidays. If this not done accordingly, then the company and the member responsible will be fined a penalty of RM 1,000. Then, Section 121(1) of the Companies Act 1965 states that the name of the company should be shown in the correct forms. This means the name should be in legible Romanized letter and the company number shall be presented in its seal, and all business letter, invoices, cheques and other source documents which are issued and approved by or on behalf of the company. Company number is the number given out by CCM once the company is incorporated. Section 121(2) also mentions there are three ways where any company member shall be charged guilty of an offence against this act. First of all it is when he uses or approves the use of any seal purporting to be a seal of the company, where its name does not so appear. The second way is when he approves the issue of any business letters, stateme nt of accounts, invoice, official notice or publication of the company, where the name is not mentioned. The third way is when he approves the issue of any financial documents and instruments such as bill of exchange, promissory notes, and cheque and receipts, wherein the company name is not mentioned as well. The person responsible shall be liable for the payment to the holders of instrument for any losses and damages it caused, unless it is paid by the company. If the name of the company is not displayed on all offices in the correct form, then the company and its member would be subject to a penalty of RM 1,000. Section 303 of the Companies Act 1965 also mentions the liability where the proper account not kept. Section 303(1) says that upon investigation where the company is wound up, if no proper accounts are kept accordingly to the act, the company member responsible shall be charged guilty as an offence against the act. Unless, he can justify that he acted honestly and p rove that it was excusable. The penalty of the offence shall be imprisonment of three years or a fine of RM 10,000. Section 303(3) states that if the company member contracted a debt and did not have the expectation to repay the liabilities incurred at the time the debt contracted, then he shall be charged guilty. The court will ignore the veil of incorporation and penalize the wrongdoers. The penalty shall be imprisonment for one year or a fine of RM 5,000. Section 304(2) states that the persons which has been convicted to the offence under Section 303(3), shall be personal liable for the payment of the debt incurred without any limitation of liability. Section 304(1) mentions that if the business is carried out with the intention to cheat and defraud its creditors, then the court will ignore the veil incorporation and will penalize the wrongdoers. The person responsible shall be liable for the payment for the debt incurred without any limitation of liability. If a comp any is unable to pay its debt yet the director on behalf of the company still incur more debts, then the veil of the incorporation will be lifted and the director will be liable for the debts. Furthermore, Section 304(2) of the Companies Act 1965 states that the veil of incorporation will be lifted when the member of the company is involved in fraudulent trading. Which means the establishment of the company is used for fraudulent purposes. When there is intention to cheat the creditors or the director of the company convicted an offence mostly like under subsection 303(3), then the company will be sued and the veil of the incorporation will lifted. Section 365(2) of the Companies Act 1965 states that any dividend payments made that are not from the profit is prohibited. The director of the company is not allowed to pay dividends out from the source which is not made from the profit earned in the day to day operation. Then, the company also should not incur any dividend payable. If the company does not incur any profit for that particular year of assessment, then only the company is allowed to make dividend payable. Section 169(1) requires every director of the company to present its profit and loss account at its Annual General Meeting (AGM) at some date not later than eighteen months after the incorporation of the company, and once at least in every year at intervals of not more than fifteen months. The profit and loss account shall be made up a date not more than six months before the date of the meeting. Section 169(5) of the Companies Act 1965 states that the director of the company must prepare a consolidated account for the state of affairs of the holding company and all its subsidiaries. And it must be signed by not less than two of the directors. The director must prepare a consolidated account such as a complete and reliable financial statements. The reason behind this is to let the shareholders gain confidence for investing in the company. xxxxxxxxxxxxxxxxx Section 67(1) of the Companies Act 1965 mentions that a company shall not provide financial assistance to the member of the company in connection with the purchase or subscription made for the company shares. There are three exceptions under Section 67(2). First of all, it is when the lending of money is made during the ordinary business activity. The second way is when the purchase and subscription of shares is for the benefit of employees or a subsidiary company. The third way is when the financial assistance is given out to members other than the directors, bona fide for the employment. Section 76(3) states if there is a breach of the section, the company is not charged guilty, but the members involved shall be guily. There are six ways where the court would be able to ignore the veil of incorporation. They are fraud, agency, sham/faÃÆ' §ade, unfairness and group of companies. (source) Fraud Gilford Motor Co v Horne 1933 This is a case law reg arding the lifting of veil of incorporation. This case law was originated from United Kingdom, where the court will ignore the veil incorporation and treat the company and its members as one when it is used for fraudulent pupose. In this case, Mr. EH Horne, the former managing director of the company, signed his employment contract that he would never acquire the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s customer if he were to leave the company one day. He was fired later on, and incorporated his own business and compete with Gilford Motor Co. Then, he obtained legal advice that this would result in a breach of the contract, and he might get sued by Gilford Motor Co. He then started a new company of his, with the name JM Horne Co Ltd. The newly formed company was incorporated by his wife and a friend of his, Mr. Howard. Both of them were the directors and sole shareholders. It is clear that only Mr. EH Horne has binding contract with his former employer, Gilford Motor Co, not his newly f ormed company, JM Horne Co Ltd. Thus, JM Horne Co Ltd was able to compete with Gilford Motor Co. But, the court decided that Mr. EH Horne used the new company as an instrument of fraud to evade his legal obligations with his previous company. Jones v Lipman 1962 This is case law was originated from United Kingdom as well. This case demonstrates on the lifting of veil of incorporation when the company is misused in a wrongful way to disguise the true facts. Back in 1962, Mr. Lipman has made an agreement to sell his house at 3 Fairlawn Avenue to Mr. Jones for £5,250. He then changed his mind at the last moment and no longer wanted to sell that particular house. In order to avoid from being sued for breaching of contract, he then formed a new company and sold the land to the company, which he and another were the shareholders and directors. After that, he claimed that he was no longer the owner of the land and could not fulfil the obligation according to the contract. Mr. Jones sued Mr. Lipman for a breach of contract. In this case, Mr. Lipman used his new company to escape from legal obligations. Therefore, the court when the interest of justice will lift the veil of incorporation and make Lipman to be liable for the defraud act done by him (Clement Chigbo, 2007). Agency Smith, Stone Knight Ltd v Birmingham Corp. 1939 Smith, Stone Knight (SSK) is the owner is a company that owned some land, and one of their subsidiary company was responsible on operating one piece of their land. After a while, Birmingham Corp decided to purchase this piece of land. And any company who owned the land would be paid for it, and would reasonably compensate any owner for the business they ran on the land. After that, Birmingham Corp claimed for the compensation on the ownership of the land. Then, Considering the subsidiary company was not the owner of that particular land Ampol Petroleum Pty Ltd v Findlay Sham/Facade Re FG(Films) Ltd. Unfairness Aspatra Sdn Bhd Ors v Bank Bumiputra Malaysia Bhd. The case law states that in order to do justice when the case was involved by an elemant of fraud, the court can generally lift the veil of incorporation. Hotel Jaya Puri Bhd. V National Union of Hotel, Bar Restaurant Workers Anor (1980) The court is willing to life the veil of incorporation if justice of the case so demands. The veil can be lifted by statute (section) and case law (court). The court will ignore the separate legal personality and lift the veil to determine who would be liable for an offence. Group of Companies DHN Food Distributors Ltd v Tower Hamlets London Borough Council Don’t waste time! Our writers will create an original "The Veil of Incorporation" essay for you Create order

Weaknesses Of Plato - 1262 Words

In the Meno, Plato justifies the possibility for one’s mind to uncover knowledge. Knowing one can obtain knowledge motivates the mind to gain more knowledge. Plato explains the theory of recollection by first questioning what virtue is, then demonstrating the process through the questioning of a slave boy. Although a few weaknesses present themselves in Plato’s argument, Plato presents a valid theory on how our minds can obtain knowledge. This paper focuses on exploring Plato’s theory of recollection by examining the strengths and weaknesses of his discussion with Meno. The discussion of Plato’s theory of recollection evolved from a single question, â€Å"What is virtue?† When questioning Meno on the single definition of virtue, Plato was†¦show more content†¦What sort of thing, among those things which you know not, will you put forth as the object of your seeking? And even if you should chance upon it, how will you ever know that it is the thing which you not know?† (Plato’s Meno, 77) Although Meno’s paradox seems to be merely a dodge of proceeding to continue and ponder the true meaning of what virtue really is, â€Å"the (paradox) is one of real philosophical importance and is basic for understanding the Theory of Ideas and the related notion of Recollection† (Plato’s Meno:Text and Criticism, 78). The problem with this paradox is that in order to discover the definition of virtue, one must use reflection and logical insight, not research and proof. â€Å"If the question under discussion had been a merely empirical one-e.g., ‘How many citizens are there in Athens?’-then Meno’s objection would have been utterly pointless, for this is a question to be answered by counting heads and not by reflection† (Plato’s Meno:Text and Criticism, 79). Plato, who has confronted this paradox before, told Meno the argument was an â€Å"excuse for indolence: and hence we must not give ear to this specious argument, for it will make us idle, and is pleasing only to the slothful† (Plato’s Meno, 78). Plato strongly believes in this concept and discusses his thoughts furthermore: â€Å"I am ready to fight for as long as I can, in word and act: that is, that we shall be better, braver and more active men if we believe it right toShow MoreRelatedPlatos View in Human Knowledge Essay examples1392 Words   |  6 PagesPlatos View in Human Knowledge Plato presents three different views about knowledge in Meno, Republic, and Theaetetus. In Menos case, Plato believes knowledge as something innate in us when we are born; in his later view, in Republic, Plato believes we perceive things and gain knowledge; and from the last view, in Theaetus, Plato believes knowledge is the combination of a true opinion and a rational opinion. 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Enhancing Efl Learners Writing Skill Via Journal Writing Education Essay Free Essays

The accomplishment of authorship has been for old ages considered to be of import, but besides demanding and disputing for foreign linguistic communication scholars. In Enhancing EFL Learners ‘ Writing Skill via Journal Writing, Tuan points out that pupils ‘ advancement in authorship is hindered by uninteresting nature of the accomplishment itself ( Hedge, 1991: 6 ) , fright of rectification and clip force per unit area ( Weir, 1990: 61 ) . In his research, he aims at set uping whether the acquisition of composing accomplishments can be facilitated and advanced by the usage of diary authorship. We will write a custom essay sample on Enhancing Efl Learners Writing Skill Via Journal Writing Education Essay or any similar topic only for you Order Now The experiment took topographic point amongst 85 Vietnamese sophomore pupils of English of similar authorship proficiency. The topics, divided into Control ( CG ) and Experimental Group ( EG ) , were assigned assorted in-class authorship activities. Members of the latter were besides required to carry on a personal diary for a period of 13 hebdomads. The consequences were analysed and compared harmonizing to quantitative ( figure of words produced, figure of unfinished essays, figure of errors and mean tonss ) and qualitative methods ( questionnaire study ) . The findings province that participants from the Experimental Group produced more words, made less errors and received better tonss. Their motive has besides increased as they found the activity utile and enjoyable. It is undeniable that the pattern of composing diaries helped Experimental Group scholars develop their general composition accomplishments, nevertheless, carry oning the research in an academic environment seems slightly unequal, peculiarly when one takes into consideration Tuan ‘s motivations behind the survey and the fact that academic authorship is well different from that found in a typical foreign linguistic communication schoolroom. Britton ( 1972: 93 ) , in his acknowledged taxonomy, divided composing into three types: expressive ( exploratory ) , transactional ( explanatory ) , and poetic. This differentiation has been since supported by legion bookmans, including Phenix ( 2002: 50-52 ) and Browne ( 1999: 8-9 ) . Transactional authorship is related to academia, as it â€Å" prepares authors for engagement in their academic or professional discourse community † ( Babin and Harrison, 1999: 258 ) , while private diaries are classified as expressive composing seeing that they involve â€Å" linguistic communication near to the ego, uncovering the talker, verbalising his consciousness, exposing his stopping point relationship with the reader † ( Britton et al. , 1975: 88 ) . White ( 1995: 201 ) placed journal authorship amongst those techniques that help develop expressive, non explanatory composing accomplishments. On this footing serious uncertainties can be raised against the value of diary authors hip in developing academic authorship accomplishments. White proposes that the advancement in scholarly authorship should non be achieved by agencies of authorship, but reading: Within academic authorship, the nexus between reading and composing is extremely of import. Reading provides content every bit good as theoretical accounts. Students need developing in sum uping and rephrasing so that they can abstract thoughts from beginnings and present them within the context of their ain authorship ( White, 1995: 59 ) . It is extremely likely that by composing diaries pupils were forced to look for certain words and forms in order to convey their ideas and feelings, which developed their general authorship accomplishments and improved foreign linguistic communication competency. It is nevertheless undeniable that such development is limited to specific, repetitive set phrases and discourse ( e.g. day-to-day modus operandis ) and does non enable pupils to compose in a broad spectrum of subjects. One of the standards taken into history by the writer when measuring findings was figure of words produced. This benchmark seems nevertheless by no agencies related to truth and eloquence – standards of judgement. Undoubtedly, a greater figure of words does non guarantee the meaningfulness of vocalizations. It can, on the contrary, cause prolixity as the participants use constructions that are typical for this peculiar discourse ( e.g. disjunct adverbials ) . With mention to the statements that supported set abouting the research, one averment stated that pupils feel â€Å" uncomfortable about being corrected † and are hence afraid of perpetrating mistakes. The conversations nevertheless revealed that the pupils felt that they can larn and profit from doing mistakes, even if they encounter jobs with showing thoughts and feelings over a limited linguistics repertory. Another disagreement between the concluding behind the research and the existent results is that the challenge of developing the wont of â€Å" believing on paper † was non met by diary authorship. Despite bring forthing more words and doing less errors, huge bulk of Experimental Group pupils kept interpreting their thoughts from the First to the Second Language. Although the research has emphasised truth, instead less attending has been paid to fluency in footings of functional rightness. The interviews conducted by the research worker expose great diverseness in discourse used by the participants. The linguistic communication of the pupil who liked diary authorship appears comparatively right, but sounds unnatural and awkward. Conversely, the pupil who did non like the activity, makes a few errors, but his address comes across every bit much more natural and unschooled. On the whole, the extracts from pupils entries presented in the article are a mixture of formal and informal authorship, with phrases like â€Å" I feel like composing diaries † in one sentence, and â€Å" hence † or â€Å" a meaningful nowadays † in another. As a consequence, the concluding lingual merchandise sounds inelegant and unreal. One advantage of diary authorship is the development of certain, general authorship accomplishments. However, the virtues of diary authorship in developing academic authorship accomplishments remained unaddressed by the research. In the instance of the probe, it seems that pupils gained accomplishments they should already possess or at least pattern at the academic degree: summarising, rephrasing, critical thought, and doing their authorship cohesive. How to cite Enhancing Efl Learners Writing Skill Via Journal Writing Education Essay, Essay examples

Revenue Management Empirical Driven and Pragmatic Analysis

Question: Discuss about the case study Revenue Management for Empirical Driven and Pragmatic Analysis. Answer: Introduction Novotel Sydney based on Darling Harbour operates as an effective hotel that potentially attracts different consumers belonging to business, leisure and family categories. Novotel Sydney being situated in the Darling Harbour helps its visitors to enjoy site seeing and touring facilities to different places of tourist attractions. Novotel Sydney operates as a 4.5 Star rating hotel that offers a host of different facilities to its customers like swimming pools, gyms and tennis courts. It also contributes in helping customers enjoy restaurant services from The Ternary that operates as one of the best restaurant in Sydney. Novotel also helps its customers conduct their bookings based on the development of a Smartphone application, Novotel Virtual Concierge that helps the customers in making online bookings of flights and also of hotel rooms. The application is also developed for helping the customers gain effective information associated with weather reports. Customers are also encouraged by the hotel company to generate effective views and feedbacks concerning the services generated by the hotel and also of the restaurant associated with Novotel. Novotel Sydney also entices its customers through the generation of other facilities like provision of car rentals, car parking facilities, transport services from airport to the hotels and other areas of interest in the city, laundry and dry cleaning services and also the existence of Wi-Fi services for helping the consumers enjoy hassle free internet(Novotel Hotels, 2016). The report focuses on evaluating an effective revenue management and maximisation strategy of Novotel Sydney. It would focus on the incorporation of both empirical and case study based discussions for generation of effective understanding. Potential recommendations would be generated based on the findings carried out. Analysis of Market Segmentation The market segmentation in the hotel industry reflects different types of market segments that are highlighted as follows. Along the broader set the market segmentation of consumers in the hotel industry are essentially categorised as Transient and Grouped. The transient customers are identified as such customers that come in either single or in families and thereby make bookings of hotel rooms for a shorter duration. Room Nights is an effective concept adhered to the stay of transient customers wherein the customers tend to stay overnight in the hotels and leave the following day. Grouped customers are such that focus on visiting the hotels in groups thereby requiring large number of rooms to be reserved for conveniently staying in the hotel along a specific period. The group reservations are generally carried out by the sales team of the hotel. The group reservations are observed to be business or corporate type such that the hotel rooms are booked or reserved based on corporate co ntacts for holding of essential conferences or meetings. The transient consumer categories for the hotel industry essentially relate to customers that focus on personal funding their tours or those whose tours are funded by their company or any other organisation(ROGERSON, 2013). The hotel companies need to effective strategise their price offerings and product and service packages in a customised fashion for encouraging the stay of customers that essentially focus on self funding their visits. Similarly, the transient category of consumers visiting the hotels also needs to be categorised based on the purpose of their visits. The customers desiring of visiting a specific region for business purposes is taken to check out at a downtown hotel and usually focuses to stay in for a shorter duration. On the other hand, the visitor focusing on visiting a region for leisure, touring or travelling purposes focuses on staying in luxury hotels that would help them enjoy different facilities along with touring to different locations. The customers visiting the hotels can also be segmented based on age and income categories such that younger people and also people belonging to high income categories tend to visit hotels with increased facilities and amenities and also tho se belonging to the premium category(Ling, Guo, Yang, 2014). The middle and lower income customers and also those belonging to higher age groups essentially focus on visiting value based hotels that generate services at lower or discounted prices. The market segmentation of customers in the hotel industry also needs to be carried out based on the marital status of the visitors. The hotel companies are required to focus on the development of effective product packages for attracting customers whether single or in family settings for staying in the hotels. Finally, consumer or visitor types to the hotels also effectively relate to such customer groups that focus on gaining visits to scenic places on a frequent basis. The developments of resorts, holiday inns, airport and other travel venue hotels and also other suburban hotels are required to be made on the above basis for helping in the accommodation of different visitor categories. The product and service packaging need to be formu lated in an effective fashion for encouraging the frequent visits of the consumers(Duverger, 2013). Novotel Hotel Sydney operates as an effective luxury hotel that focuses on attracting both transient and group customers. On the transient front, the hotel company aims at servicing both single and family visitors to the hotel along with helping the customers visit the hotel for meeting their business and touring needs. Different types of suites are designed for meeting the touring needs of the customers. The hotel has different rooms for conducting conferences and meetings while also generating effective facilities for children and adult customers to enjoy their stay(Novotel Hotels, 2016). Competitor Set Analysis The analysis of the competitor set for hotel companies is essentially based along different factors underlined as follows. The first competitor set for the hotel industry is identified as location or venue. Different types of venues are identified through classification like airports, highways, city centres, convention centres, rural areas and also suburban regions. The existence of different types of locations contributes in encouraging the development of same category hotels that focus on serving specific consumer categories. The availability of hotel companies at close vicinities contributes in serving customers pertaining to like segments or categories and thereby reflect same type of occupancy cycles. In other situations where the competitive landscape of hotels tend to span along a larger area like in the case of oil drilling and refinery sites hotel companies spreading across diverse towns or regions are thus needed to be accounted for generation of a competitive study. Hotels taken for comparison in a smaller area along the oil refinery and drilling sites are observed to be of bad quality for making of effective comparisons thereby requiring hotels to be incorporated along a wider scale. Again, the availability of large number of hotels along a smaller area requires the categorisation and grouping of hotels into distinct and separate categories for making of needed comparisons(Pereira-Moliner, 2015). Apart from location, hotel brands also act as an effective competitor set. The existence of different types of hotel brands like full and limited service and also extended stay brands along with other categories like luxury hotels, upscale, midscale and also economy hotels contribute in effective comparison of hotel companies. Other additional features like the existence of loyalty programs, effective sales and customer servicing teams and also online reservation facilities contribute in enhancing the competitive landscape in the hospitality sector(Law, Buhalis, Cobanoglu, Progress on information and communication technologies in hospitality and tourism, 2014). Similarly, categorisation of the hotels based along product types also contributes in evaluating the level of competition among the hospitality companies. Different product types in the hospitality sector are like full-service, limited-service and also extended stay. The full-service hotels are identified to be hotels that have facilities like restaurants, lounges and other bar facilities also. Limited-service hotels on the other hand are identified to be hotel companies that have limited meeting space and offer complimentary breakfast services to their consumers. Extended-stay hotels are generally developed for hosting of guests or visitors that tend to stay for longer periods like for a week in the hotels. The hotel facilities are observed to match that of limited-service hotels. The hotel rooms of the extended-stay hotels however focus on providing customers with kitchen facilities(Chen, Lin, Chi, 2016). Quality standards of the product and service packages offered by the different hotels amount to be an effective competitor that helps in generation of comparison between like category hotels generating same quality of customer services. Quality standards of the hotels also require the incorporation of environmental and design elements for making of effective comparisons among the different competitor hotel firms(Pekgn, Menich, Acharya, Finch, 2013). Finally, Average Daily Rates or ADRs are identified as an effective competitor set that contributes in categorisation of hotel companies pertaining to a specific region. The pricing practices of hotels is identified as an effective metric that helps the customers in segregating and differentiating between different types of hotels as value based hotels and other economy, mid and high priced hotels(HVS, 2012). Novotel Sydney is evaluated to be a luxury hotel with a 4.5 Star Rating. It also operates as a full-service hotel in that it encourages its customers to enjoy both restaurant and lounge facilities along with a host of other facilities and services(Novotel Hotels, 2016). Other five star hotels operating along the Darling Harbour that generate effective competition to Novotel Hotel are the Parkroyal Darling Harbour operating as a 4 Star Hotel, Hilton Sydney Hotel, Marriott Hotel at Sydney Harbour and also the Pier One Sydney Harbour. The luxury hotels like Novotel Sydney also focus on generating a wide array of different services like having spa, swimming pools, gyms, Wi-Fi facilities, parking facilities, overnight booking and also effective security standards. The existence of the above features along the different hotels also helps in categorising the same as full-service hotels. Demand Forecasting The demand forecasting for the hotel industry is carried out both in a qualitative and quantitative fashion. The qualitative mode of demand forecasting in the hotel industry is essentially identified as judgemental forecasting wherein the hotel manager focuses on studying different symptoms and situations for making of effective forecasts regarding consumer visits. The hotel manager in this regard can focus on taking help of historical data that help in reflecting the historical movement of tourists along specific periods in the region(KULENDRAN, KING, YAP, 2016). Further, in terms of judgemental forecasting the hotel managers also focus on reflecting the level of promotional and marketing activities conducted for the product and service packages marketed by the hotel. The generation of effective product and service packages is taken to help in attracting considerable number of visitors to the hotel at different occasional periods. Further, the planning of different types of events in the hotel is evaluated by the hotel managers would help in attracting potential tourists and visitors. The existence of favourable and unfavourable weather conditions in the region acts as an effective determinant factor that helps in deciding and forecasting the flow of tourists at different times of the year. The above factors are also used relating to the use of time series analysis for forecasting of tourist and visitor trends to the different hotels. The managers of the hotel companies can also effectively focus on evaluating the data gained from Google trends and also other data gained from the use of mobile phone apps and also social marketing based trends. The combined use of both qualitative and quantitative data gained from a host of different sources effectively contribute in making forecasting regarding customer visits to the different hotels(Croce, 2016). Channel Analysis The emergence of technology centric distribution channels has significantly contributed in the enhancement of revenue for the hospitality companies. The current distribution channels contribute in making the hospitality industry consumer centric in fashion. Different types of distribution channels like social media channels, applications for mobile phones and other online applications like Room key.com and Hotel Tonight are observed to have potentially revolutionised the revenue earning landscape of the hospitality companies. The growing popularity of e-commerce businesses along the social media networking platforms has encouraged different tourists and visitors for using the social media tools and sites like Facebook and Twitter in making reservations for their hotel rooms and other flight and train tickets(Robson Noone, 2014). Hotel companies are also observed to encourage the customers for making of online bookings through the generation of effective discounts. Hotel companies ha ve effectively introduced room-booking technology in Facebook that helps customers in making direct bookings from their personal Facebook accounts. Loews Hotels and Resorts is identified to be a hospitality firm that had generated its Twitter application for encouraging customers in making online bookings. Visitors using Twitter are thus required to type #BookLoews in comparison to making bookings through calling on hotline numbers. The use of social media tools like Facebook and Twitter for conducting of hotel bookings helps customers enjoy needed convenience while it encourages the hotel company in gaining needed potential for enhancement of customer satisfaction(Robson Noone, 2014). Similarly, hospitality companies also focus on the development of mobile applications enabled for Smartphones that encourage the customers in making reservations for hotel rooms through gaining access to websites and apps of hotel companies like Hilton and Marriott. The hotel companies can also incorporate support generated by Online Travel Agents or OTAs like Expedia and Priceline that also focus on the generation of websites and mobile applications for encouraging customers in making hotel bookings. The mobile apps are developed in an user friendly fashion such that it can help the customers in making hotel bookings in an easy and faster manner based on the use of a fewer clicks. The mobile apps are further enhanced through the incorporation of GPS technologies that help the customers in tracking and also in gaining access to regional and local hospitality companies(Law, Buhalis, Cobanoglu, Progress on information and communication technologies in hospitality and tourism, 2014). Another significant distribution channel that is employed by the hospitality companies for revenue generation is RoomKey. It serves as a potential search engine that contributes in helping the hotel companies reduce the involvement of online travel agents along the booking process. The above process of reducing the involvement of OTAs helps the hospitality companies for reducing the commission related fees and also in increasing the profits. The search engine was developed by five star multinational hotel corporations like Hilton, Hyatt, Marriott and Intercontinental Group(Ling, Guo, Yang, 2014). Finally, HotelTonight is developed serves as a booking channel on the mobile platform that helps the customers in making hotel bookings even at the last minute. The mobile booking channel serves both the customers and the hotel companies in a mutual fashion where it helps the customers and visitors in gaining access to value hotels and rooms it helps the hotels in filling the last-minute rooms. Hotel companies based on the use of the HotelTonight booking channel can encourage the customers for making value based bookings at the last minute through provision of effective discounts. The same thus helps the hotel companies in gaining needed revenues even at the last minute(Law, Leung, Lo, Leung, 2015). The development of the different digital channels that helps in revenue generation for hotel companies can be traced along the different periods in the following illustration. (Thakran Verma, 2013) Novotel Sydney based in Darling Harbour focuses on using multiple channels like Online Travel Advisors (OTAs) and also its own website for encouraging customers to make their bookings and reservations. Similarly, the hotel company also focused on development of a Smartphone app like the Novotel Virtual Concierge for helping the customers in conducting bookings and reservations in a convenient fashion(Novotel Hotels, 2016). Conclusions The report reflects based on the use of both empirical and pragmatic analysis the revenue management strategies that is and also needs to be undertaken by Novotel Sydney based in Darling Harbour. The analysis being conducted based on segmenting the consumer market for the hotel, analysis of the competitor set, demand forecasting practices and channel management rightly reflects on the potential strategies that is and also needs to be undertaken by the hotel company for revenue maximisation. The understanding of effective strategies undertaken by other luxury hotels along the different segments effectively help in reviewing and evaluating the present revenue maximisation strategy of Novotel Sydney. Recommendations Based on the above analysis it can be effectively recommended that Novotel Sydney based in Darling Harbour needs to focus on the development of applications for the social networking platforms like Facebook and Twitter in that the same would help the customers generate bookings and reservations in an instant and direct fashion. The development of such apps would not only help the hotel company in developing an international market presence but also in attracting potential revenues. Further, Novotel Sydney needs to focus on the development of effective gaming and other events matching with the seasons and external occasions to help in attracting potential tourists. The management of the hotel is also required to effectively focus on understanding and evaluating consumer and tourist trends visiting the Sydney hotels. The trend analysis can be conducted based on the use of both historical and online data for generation of effective forecasts. 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