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:
“It was evident that, both on account of the feudal system and the aristocratic government, a private man was not worth so much in Canada as in the United States; and, if your wealth in any measure consists in manliness, in originality and independence, you had better stay here. How could a peaceable, freethinking man live neighbor to the Forty-ninth Regiment? A New-Englander would naturally be a bad citizen, probably a rebel, there,—certainly if he were already a rebel at home.”
—Henry David Thoreau (1817–1862)
“O thou undaunted daughter of desires!
By all thy dower of lights and fires;
By all the eagle in thee, all the dove;
By all thy lives and deaths of love;
By thy large draughts of intellectual day,
And by thy thirsts of love more large then they;
By all thy brim-fill’d Bowls of fierce desire,
By thy last Morning’s draught of liquid fire;
By the full kingdom of that final kiss
That seiz’d thy parting Soul, and seal’d thee his;”
—Richard Crashaw (1613?–1649)