LIFTING THE CORPORATE VEIL (i) Introduction (ii) Principles of Corporate Personality (iii)Statutory Exceptions (iv)Common Law and the Mere Façade Test (v) Agency and Groups (vi)Conclusions INTRODUCTION 1. When a creditor discovers that a debtor company is insolvent‚ the creditor will frequently want to recover the debt from a shareholder‚ director or associate of the insolvent company. There exist various statutory and common law mechanisms by which the corporate veil can be lifted and liability
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“LIFTING THE CORPORATE VEIL”- AN OVERVIEW Definition-Lifting or Piercing the Corporate Veil Lifting or Piercing the Corporate Veil is a Legal process or proceedings taken to uncover the common shield in respect of any suspicious event happened or to be happened or on the basis of allegation made or to be made against the Company. This piercing process can be compared to a person lifting the curtain of a Drama Stage to know what is actually happening without being the drama commenced. Piercing the
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List of Prime Ministers of India From Wikipedia‚ the free encyclopedia Jump to: navigation‚ search The complete list of Prime Ministers of India includes the persons sworn into the office as Prime Minister of India following the proclamation of the independence of India in 1947. Key: No.: Incumbent No. CM: Council of Ministers Congress: Indian National Congress‚ Indian National Congress (Indira)‚ United Progressive Alliance Bharatiya Janata Party: Bharatiya Janata Party‚ National
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Chapter 4 Lifting the veil of incorporation Contents Introduction 41 42 43 Legislative intervention Judicial veil lifting Veil lifting and tort Reflect and review 36 37 39 41 43 page 36 University of London External System Introduction As we observed in Chapter 3 the application of the Salomon principle has mostly (remember Mr Macaura) beneficial effects for shareholders. The price of this benefit is often paid by the company’s creditors. In most situations this is as is intended by
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THE CORPORATE VEIL” The recognition that a company is a separate legal entity distinct from its shareholders is often expressed as the “veil of incorporation”. General principle‚ once a company is incorporated‚ the courts usually do not look behind the veil to inquire why the company was or who really controls it. However in certain situations‚ the court will ignore the separate legal personality of a company and look to the members/controllers of the company is “lifting the veil”. This would
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Question 1 - Silvio Berlusconi has been the Prime Minister of Italy for three times. Berlusconi is the owner of the company Media Set. He also owns an advertising and publishing company and about 50 magazines. His brother is the owner of the Italian Daily‚ one of the most read newspapers in Italy. Next to that he is the owner of the soccer club AC Milan. You can say Berlusconi is all around the country and it is difficult not noticing his influence. The power of Berlusconi
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OBJECTIVES…………………………………………………………………….4 • RESEARCH METHODOLOGY…………………………………………………5 • INTRODUCTION………………………………………………………………..6 • THE VEIL AND FEMINISTS APPROACHES…………………………………7 • METHODOLOGICAL STUDY………………………………………………….7 • VEIL AND THE WEST………………………………………………………....11 • MUSLIMS IN THE WEST………………………………………………………12 • MUSLIM WOMEN IN FRANCE………………………………………………..13 • MUSLIM WOMEN IN INDIA…………………………………………………...13 • THE VEIL…………………………………………………………………………14 • CONCLUSION……………………………………………………………………14 OBJECTIVE To study the conditions
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Friday‚ the 13th of January 2011 To his Excellency the minister of education Dear minister‚ As the minister of education I am aware that your input has been involved in the decision towards raising university fees. This controversial decision has upset many students‚ as the ridiculous change which involves fees of up to 25 thousand dollars a year‚ will result in negative consequences for all of us. As a student of 16 years of age studying at Mont La Salle my aspiration is to develop my education
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One of the most uncertain areas in company law today is the situation in which a court is willing to set aside the separate legal personality of a company. Separate legal personality i.e. where a company is regarded by the courts as a legal person with its own rights and responsibilities and that it is capable of owning property amongst other things. Laffoy J stated in Fyffes Plc v Dcc Plc & Ors ‚ "It has been a fundamental principle of Irish company law since the decision of the House of Lords
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of a week during October 2008. The banks in Iceland collapsed under the weight of its debts after a huge growth in the banking industry. Iceland ’s Prime Minister at the time Geir Haarde is facing criminal charges of negligence for failing to prevent the financial crisis. In this article by the Associated Press‚ Iceland ’s now ex-Prime Minister Geir Haarde is refusing to pled guilty to the charges. Mr. Haarde says that the collapse that left many people unemployed could not have been predicted and
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