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Piercing The Corporate Veil Essays

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The Separate Legal Personalty and Piercing the Corporate Veil

BUSINESS LAW Types of Businesses A business refers to an organisation involved in the trade of goods, services, or both to consumers. Sole proprietorship is owned by one person and operates for profit. The individual has day-to-day responsibility for running the business however they can choose to operate singly or employ other people. The business is considered to be part of the individual and not a separate entity. As a sole proprietor, all responsibility, debts and liability are assumed by […]

Company Law and the Corporate Veil

Introduction As the day company is formed, it can be said that the company is “incorporated”. As the company uniqueness is that it provides for effective separation of resources and managements of its resources and it is further compounded on the fact that the owner of the capital can limit his or her liability to the third parties. Therefore the company is recognized as a separate entity and it is treated in its own capacity. In nowadays business companies, it […]

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“Salomon is in the Shadow. it is Still Alive but no Longer Occupies the Centre of the Corporate Stage” (Schmitt Off, C.M., ‘Salomon in the Shadow’ [1976] JBL 305).

Critically evaluate, with reference to relevant case law and statute, how far this statement accurately reflects the current law relating to lifting the veil of incorporation. Introduction Salomon v Salomon[1] involved the principle of separate corporate personality. This states that as a general rule a limited company’s shareholders are not liable for the company’s debts beyond the nominal value of their shares[2]. However, in certain situations courts have ignored this principle[3]. Courts have done this under statute, during wartime, where […]

The Separation of Legal Personality

The fact of the Atlas Maritime Co SA v Avalon Maritime Ltd [1]is that Mr Richard Morrison is the director of Stewart Marine, a company which run ship brokers. He wants to buy a vessel which had some broken and the company appointed a technical consultant, Mr Melville Price which from Drake Maritime SA. Drake Maritime SA is a technical company and London agent of Stewart Marine. After the evaluation, Mr Price said that the vessel is appropriate to buy. […]