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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.
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.
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.
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 ...
Aaron Michaelson (Aaron) formed Michaelson Properties, Inc. (Properties) in 1981 as a business to invest in real estate joint ventures. Aaron was the sole shareholder and the corporation's president. Properties entered a joint venture with Perpetual Real Estates (Perpetual), forming a partnership called "Arlington Apartment Associates" (AAA) to ...
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.
Lifting the corporate veil: Ord v Belhaven Pubs Ltd [1998] 2 BCLC 447 is a UK company law case concerning piercing the corporate veil. [1] Facts
Without lifting the veil there remains, however, no personal liability for directors or employees acting in the course of employment, for corporate manslaughter or otherwise. [43] The quality of a company's accountability to a broader public and the conscientiousness of its behaviour must rely also, in great measure, on its governance.
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