Transcription of Company Law Lifting of Corporate Veil
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Company Law Lifting of Corporate Veil
Electronic copy available at: Law Lifting of Corporate Veil _____ _____ - 1 - IINNTTRROODDUUCCTTIIOONN When a Company is incorporated it is treated as a separate legal entity distinct from its promoters, directors, members, and employees; and hence the concept of the Corporate veil, separating those parties from the Corporate body, has arisen. The issue of " Lifting the Corporate veil" has been considered by courts and commentators for many years. However, the topic has not received the attention in the literature that one would No clear set of principles has emerged2 and it is difficult to predict when the courts will disregard the separate entity The need for English courts to resort to such metaphorical terms as "mere fraud," "sham," "dummy," "alter ego"
of lifting the veil that have been frequently proposed, to determine the underlying reasons for judicial disregard of the separate entity principle. It is suggested in this paper that these common law exceptions, viz. agency, fraud, avoidance of obligations, prevention of injustice,
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