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The corporate veil in UK company law is pierced very rarely. After a series of attempts by the Court of Appeal during the late 1960s and early 1970s to establish a theory of economic reality, and a doctrine of control for lifting the veil, the House of Lords reasserted an orthodox approach.
The corporate veil in the United Kingdom is a metaphorical reference used in UK company law for the concept that the rights and duties of a corporation are, as a general principle, the responsibility of that company alone. Just as a natural person cannot be held legally accountable for the conduct or obligations of another person, unless they ...
Aronson v. Price 644, N.E.2d 864 (Ind. 1964) a plaintiff brought his car for repair to "Corbett's Body Shop" which did not indicate its corporate status. Interocean Shipping Co. v. National Shipping & Trading Corp., 523 F.2d 527 (2d Cir. 1975), conduct akin to fraud required to pierce the veil in contract cases
Lifting the veil Jones v Lipman [1962] 1 WLR 832 is a UK company law case concerning piercing the corporate veil . It exemplifies the principal case in which the veil will be lifted, that is, when a company is used as a "mere facade" concealing the "true facts", which essentially means it is formed to avoid a pre-existing obligation.
Walkovszky v. Carlton, 223 N.E.2d 6 (N.Y. 1966), [1] is a United States corporate law decision on the conditions under which Courts may pierce the corporate veil. A cab company had shielded itself from liability by incorporating each cab as its own corporation. The New York Court of Appeals refused to pierce the veil on account of ...
To reach this conclusion the Court examined the requirements to "lift the veil". Wilson J. explained: The law on when a court may disregard this principle by "lifting the corporate veil" and regarding the company as a mere "agent" or a "puppet" of its controlling shareholder or a parent corporation follows no consistent principle.
Fraud, lifting the veil Gilford Motor Co Ltd v Horne [1933] Ch 935 is a UK company law case concerning lifting the corporate veil . It gives an example of when courts will treat shareholders and a company as one, in a situation where a company is used as an instrument of fraud.
Sir Andrew Morritt VC held that there was enough evidence to lift the veil on the basis that it was a "mere facade". He noted the tension between Adams v Cape Industries plc and later cases and stated that impropriety is not enough to pierce the veil, but the court is entitled to do so where a company is used ‘as a device or façade to conceal the true facts and the liability of the ...