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:
“In the United States, it is now possible for a person eighteen years of age, female as well as male, to graduate from high school, college, or university without ever having cared for, or even held, a baby; without ever having comforted or assisted another human being who really needed help. . . . No society can long sustain itself unless its members have learned the sensitivities, motivations, and skills involved in assisting and caring for other human beings.”
—Urie Bronfenbrenner (b. 1917)
“Rev. J.D. Liddell: The Kingdom of God is not a democracy. The Lord never seeks re- election. There’s no discussion. No deliberation. No referenda as to which road to take. There’s one right, one wrong. One absolute ruler.
Sandy: A dictator, you mean.
Rev. J.D. Liddell: Aye, but a benign, loving dictator.”
—Colin Welland (b. 1934)