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:
“I do not look upon these United States as a finished product. We are still in the making.”
—Franklin D. Roosevelt (1882–1954)
“After this manner therefore pray ye: Our Father which art in heaven, Hallowed be thy name. Thy kingdom come. Thy will be done in earth, as it is in heaven. Give us this day our daily bread. And forgive us our debts, as we forgive our debtors. And lead us not into temptation, but deliver us from evil: For thine is the kingdom, and the power, and the glory, for ever. Amen.”
—Bible: New Testament Jesus, in Matthew, 6:9-13.
the Lord’s Prayer. In Luke 11:4, the words are “forgive us our sins; for we also forgive everyone that is indebted to us.” The Book of Common Prayer gives the most common usage, “forgive us our trespasses, as we forgive them that trespass against us.”