Darren, a sole proprietor of Funi Trading doing furniture manufacturing business, owns a furniture factory in Selayang, Selangor. One day he was approached by his friend, Mimi who was interested in venturing her capital into the furniture business. She shared with Darren the idea of forming a private company. Darren agreed with the arrangement and named himself and Mimi as the director of Funi Sdn. Bhd. where Darren is holding 51 % shares and Mimi is holding 49% shares of the company respectively. The factory remains in the name of Darren and the insurance of the factory was purchased under the name of Darren. Six months after the formation of the company, the factory was destroyed by fire and RM 300,000.00 worth of furniture was damaged. The estimated refurbish works of the factory cost RM 250,000.00.
Advise Darren whether the company is entitled to claim from the insurance company for the total loss of RM
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