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Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. Usually a corporation is treated as a separate legal person , which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed.
Piercing the corporate veil, dishonest assistance Gencor ACP Ltd v Dalby [2000] EWHC 1560 (Ch) is a UK company law case concerning piercing the corporate veil . Facts
Fraud, lifting the veil Wallersteiner v Moir [1974] 1 WLR 991 is a UK company law case concerning piercing the corporate veil . This case was followed by a connected decision, Wallersteiner v Moir (No 2) , [ 1 ] that concerned the principles behind a derivative claim .
Thus, there is not one characteristic that defines the piercing of a corporate veil – a factors test is used to determine if piercing is appropriate or not. [ 13 ] If shares are issued "part-paid," then the shareholders are liable, when a claim is made against the capital of the company, to pay to the company the balance of the face or par ...
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Littlewoods was complaining that the whole rent of £42,450 was deductible as an expense wholly for the purpose of trade under s 137 Income Tax Act 1952. The Commissioners rejected this. Plowman J held that the rent payments by Littlewoods were of a revenue character and properly deductible, but relying on a case that was soon reversed by the ...
The IRS boosted taxpayer services through Democrats’ Inflation Reduction Act but still faces processing claims from a coronavirus pandemic-era tax credit program and is slow to resolve certain ...
Properties did not have the money, and went bankrupt, so Perpetual sued Aaron to pay. Aaron argued that Properties was a separate legal person, and it was inappropriate to pierce the corporate veil in this circumstance. However, the jury ruled that it could be pierced and that Aaron should pay. [2] Aaron appealed.