Lifting The Veil Of Incorporation Under Common Law And Statute

Introduction incorporation of a.

Lifting the veil of incorporation under common law and statute. Lifting the veil occurs where the courts or law disregard the corporate personality of the company in deserving circumstances. A company being an artificial creation of the law is in reality run by and under the control of some individuals. The doctrine is very much applicable in indian law. The aim of the paper is to explore recent case law in order to determine whether courts have moved away from an overly restrictive approach when dealing with cases relating to the corporate personality.

Lifting the veil of incorporation under common law and statute lifting the veil of incorporation under common law and statute chrispas nyombi 2014 02 04 00 00 00 purpose the paper examines case law and statutory provisions related to lifting the corporate veil. Purpose the paper examines case law and statutory provisions related to lifting the corporate veil. In adeyemi v lan and baker nig ltd the court held that there is nothing sacrosanct about the veil of incorporation. Though it can be traced to common law since indian laws are heavily reliant on common law this doctrine has also been adopted and applied in toto.

The most fundamental advantage of incorporation is that it creates a separate legal entity. Lifting the veil of incorporation under common law and statute article in international journal of law and management 56 1 february 2014 with 1 901 reads how we measure reads. I company used to evade legal obligations or to commit fraud. Doctrine s applicability in india.

To offer a full account of the exceptions to the corporate personality doctrine this paper also. Generally the situations where a court may lift the corporate veil fall into two categories. In life insurance corporation of india v. This article at first introduces to the readers the concept of veil of incorporation then it explains the meaning of the term lifting of the corporate veil it then points out the judicial as well as the statutory provisions for lifting of the corporate veil with the help of various case laws.

The aim of the paper is to explore recent case law in order to determine whether courts have moved away from an overly restrictive approach when dealing with cases relating to the corporate personality. The aim of the paper is to explore recent case law in order to determine whether courts have moved away from an overly restrictive. The veil shall be lifted to prevent the avoidance of recognition by the eyes of equity. This is known lifting the corporate veil.

A at common law. 1 by statute and 2 at common law.