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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 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 .
Perpetual Real Estate Services, Inc. v. Michaelson Properties, Inc. 974 F.2d 545 (4th Cir. 1992), [1] is a US corporate law case, concerning piercing the corporate veil.
VTB Capital plc v Nutritek International Corp [2013] UKSC 5, [2013] 2 AC 337 is an English company law case, concerning piercing the corporate veil for fraud.. Together with the subsequent decision of the Supreme Court later the same year in Prest v Petrodel Resources Ltd [2013] UKSC 34 the Supreme Court substantially restated the English company law position in relation to piercing of the ...
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.
The updated law, which replaced the exceptions and the rule in Foss v Harbottle, is now contained in the Companies Act 2006 sections 260-264, but the case remains an example of the likely result in the old and new law alike. This case followed on from a previous decision, Wallersteiner v Moir, [1] that concerned piercing the corporate veil.
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 ...
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.