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:
“United Fruit... United Thieves Company... it’s a monopoly ... if you won’t take their prices they let your limes rot on the wharf; it’s a monopoly. You boys are working for a bunch of thieves, but I know it ain’t your fault.”
—John Dos Passos (1896–1970)
“Was I not born in this Realm? Were my parents born in any foreign country?... Is not my Kingdom here? Whom have I oppressed? Whom have I enriched to other’s harm? What turmoil have I made to this Commonwealth that I should be suspected to have no regard of the same?”
—Elizabeth I (1533–1603)