United Kingdom
See also: UK company law and Corporate veil in the United KingdomThe corporate veil in UK company law is pierced very rarely. After a series of attempts by the Court of Appeal during the late 1960s and early 1970s to establish a theory of economic reality, and a doctrine of control for lifting the veil, the House of Lords reasserted an orthodox approach. On a strict reading of the most prominent recent decision of the Court of Appeal, Adams v Cape Industries plc, the only true "veil piercing" may take place when a company is set up for fraudulent purposes, or where it is established to avoid an existing obligation. The veil is also often ignored in the process of interpreting a statute, and as a matter of tort law it is open as a matter of authority that a direct duty of care may be owed by the managers of a parent company to accident victims of a subsidiary. There are also significant statements still among the judiciary in support of a broader veil lifting approach in the interests of "justice".
Read more about this topic: Piercing The Corporate Veil
Famous quotes containing the words united and/or kingdom:
“And hereby hangs a moral highly applicable to our own trustee-ridden universities, if to nothing else. If we really wanted liberty of speech and thought, we could probably get it—Spain fifty years ago certainly had a longer tradition of despotism than has the United States—but do we want it? In these years we will see.”
—John Dos Passos (1896–1970)
“The private life of one man shall be a more illustrious monarchy,—more formidable to its enemy, more sweet and serene in its influence to its friend, than any kingdom in history. For a man, rightly viewed, comprehendeth the particular natures of all men.”
—Ralph Waldo Emerson (1803–1882)