Download or read book Piercing the Corporate Veil Doctrine Under English Company Law After Prest V Petrodel Decision written by Ariel Mucha and published by . This book was released on 2018 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Supreme Court case Prest v Petrodel Resources Ltd [2013] 2 AC 415 addresses the issue of whether, and if so in what way, the court is competent to pierce the corporate veil save any specific statutory authority to do so. In this context, Lord Sumption sheds further light on the doctrine of abuse of corporate personality under English law. Foremost, he draws a distinction between the evasion and concealment situations. The first involves situation, in which the person sets up the company with the aim of avoiding the prior obligation incumbent upon him or her. The second occurs when the relevant identity of “real actors” is hidden behind the corporate veil. In the Lord Sumption's opinion, only evasion may justify the application of the piercing the corporate veil doctrine. This article aims to find the rationale behind introduction of evasion and concealment principle, which seems to be the restriction of the piercing the corporate doctrine to the point where it will have no practical meaning for future cases.The Supreme Court case Prest v Petrodel Resources Ltd [2013] 2 AC 415 addresses the issue of whether, and if so in what way, the court is competent to pierce the corporate veil save any specific statutory authority to do so. In this context, Sumption LJ sheds further light on the doctrine of abuse of the company personality under English law. Foremost, he draws a blurred line between the concept of the piercing and lifting corporate veil. The intended strong limitation of the exception to the strict approach articulated in Salomon v A Salomon & Co Ltd [1897] A.C. 22 - separation of legal person from its shareholders and no prospects to make shareholder a party to the agreement concluded by the company - seems to be a failure yielding more doubts than providing a clearly articulated legal framework. This article argues against this approach and it suggests that the piercing veil doctrine needs to be forgotten once and for all.
Download or read book Prest v Petrodel Veil piercing corporate veil and the dichotomy introduced by Lord Sumption written by Hania Shakeel and published by GRIN Verlag. This book was released on 2022-05-16 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2022 in the subject Law - Comparative Legal Systems, Comparative Law, Brunel University, course: LAW LLB, language: English, abstract: This essay will examine the area of corporate piercing after the leading UK company law decision of the UK Supreme Court "Prest v Petrodel Resources Ltd". With the support of case-laws and the commentary by critics, it will be demonstrated that besides Prests’ efforts, it has failed in its’ aims of providing clarity to the law. The following arguments will be discussed: veil piercing as the remedy of last resort and corporate veil is just a label of an existent principle. Furthermore, the dichotomy introduced by Lord Sumption in evasion and concealment, with support of case laws.
Download or read book Nature of Corporate Veil Piercing and Revitalization of the Evasion Principle written by Stefan H. C. Lo and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although the UK Supreme Court (UKSC) in Prest v Petrodel Resources Ltd sought to clarify the scope of the common law doctrine of piercing of the corporate veil, there continues to be controversy and uncertainty surrounding the notion of veil-piercing, including continued scepticism on the import of the doctrine, as exemplified by the more recent UKSC decision of Hurstwood Properties (A) Ltd v Rossendale BC). This article aims to provide clarity in this area of the law by: (1) setting out with greater precision the concept of veil-piercing; (2) analysing more closely the meaning and scope of the evasion principle for veil-piercing (and, in the course of doing so, showing that the evasion principle has a greater role to play than is commonly thought post-Prest); and (3) investigating with greater detail how the paradigm cases discussed in the context of veil-piercing can (or cannot) be resolved without veil-piercing (and, in doing so, critiquing the “alter ego” and “concealment” analyses that have been adopted by courts post-Prest).
Download or read book Piercing the Corporate Veil written by Michala Rudorfer and published by GRIN Verlag. This book was released on 2009-07 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Law - Civil / Private / Trade / Anti Trust Law / Business Law, grade: A (1,0), New York University School of Law, language: English, abstract: Corporate law aims at protecting shareholders from being subject to personal liability for the risks of conducting business. The state created a corporate fiction which is a separate legal entity and distinctive from the shareholders and which offers the primary advantage of limited share-holder liability. The underlying notion is to encourage shareholders to provide capital and take on risky investments. In this way, the risk is shifted towards third parties and costs are external-ized. Overall, this investor attitude encourages economic development. Hence, limited liability can be seen as the "cornerstone of capitalism". However, as moral hazard comes into play, the externalization costs might exceed the benefits and, thus, damage third parties. In order to pro-mote justice, the presumption of limited liability must be occasionally rebutted and personal li-ability imposed on shareholders. This concept known as piercing the corporate veil will be elabo-rated on in detail in this paper. The doctrine is of crucial importance since it is the most litigated issue in corporate law. Regrettably, it is also among the most confusing areas of law. "'Pierc-ing' seems to happen freakishly. Like lightening, it is rare, severe, and unprincipled." The objective of this paper is to lift the confusion of the doctrine and answer the question whether piercing the corporate veil is a sound concept. Moreover, it will be analyzed whether it is the pre-vailing alternative in dealing with the moral hazard problem of limited liability. Therefore, Part I will start with an explanation of piercing and the historical development of the doctrine. Competing doctrines of piercing will be presented and form the basis for the subsequent analysis of the main requirements for piercing. To illustrate the applica
Download or read book Liability of Corporate Groups and Networks written by Christian A. Witting and published by Cambridge University Press. This book was released on 2018-01-11 with total page 501 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discusses the nature of corporate groups and networks, and provides arguments for rules extending liability beyond insolvent entities.
Download or read book Piercing the Corporate Veil written by Michala Rudorfer and published by GRIN Verlag. This book was released on 2009-07-27 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Law - Civil / Private, Trade, Anti Trust Law, Business Law, grade: A (1,0), New York University School of Law, language: English, abstract: Corporate law aims at protecting shareholders from being subject to personal liability for the risks of conducting business. The state created a corporate fiction which is a separate legal entity and distinctive from the shareholders and which offers the primary advantage of limited share-holder liability. The underlying notion is to encourage shareholders to provide capital and take on risky investments. In this way, the risk is shifted towards third parties and costs are external-ized. Overall, this investor attitude encourages economic development. Hence, limited liability can be seen as the “cornerstone of capitalism”. However, as moral hazard comes into play, the externalization costs might exceed the benefits and, thus, damage third parties. In order to pro-mote justice, the presumption of limited liability must be occasionally rebutted and personal li-ability imposed on shareholders. This concept known as piercing the corporate veil will be elabo-rated on in detail in this paper. The doctrine is of crucial importance since it is the most litigated issue in corporate law. Regrettably, it is also among the most confusing areas of law. “’Pierc-ing’ seems to happen freakishly. Like lightening, it is rare, severe, and unprincipled.” The objective of this paper is to lift the confusion of the doctrine and answer the question whether piercing the corporate veil is a sound concept. Moreover, it will be analyzed whether it is the pre-vailing alternative in dealing with the moral hazard problem of limited liability. Therefore, Part I will start with an explanation of piercing and the historical development of the doctrine. Competing doctrines of piercing will be presented and form the basis for the subsequent analysis of the main requirements for piercing. To illustrate the application of the doctrine, Part II will discuss four landmark cases. In Part III, the interplay of limited liability and veil-piercing will be as-sessed in different contexts of law. Afterwards, Part IV will elaborate the suitability of the con-cept compared to different alternatives. Finally, a conclusion will be drawn and the initial ques-tion will be answered. [...]
Download or read book Lifting the Veil on Piercing the Veil written by Hans Tjio and published by . This book was released on 2017 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: It was long feared that the area of law involving piercing the corporate veil would be unable to survive a stress test, and this appeared to be confirmed by the Supreme Court decisions in Prest v Petrodel Resources Limited (Prest) and VTB Capital plc v Nutritek International Corp.
Download or read book The Anatomy of Corporate Law written by Reinier Kraakman and published by OUP Oxford. This book was released on 2009-07-23 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the long-awaited second edition of this highly regarded comparative overview of corporate law. This edition has been comprehensively updated to reflect profound changes in corporate law. It now includes consideration of additional matters such as the highly topical issue of enforcement in corporate law, and explores the continued convergence of corporate law across jurisdictions. The authors start from the premise that corporate (or company) law across jurisdictions addresses the same three basic agency problems: (1) the opportunism of managers vis-à-vis shareholders; (2) the opportunism of controlling shareholders vis-à-vis minority shareholders; and (3) the opportunism of shareholders as a class vis-à-vis other corporate constituencies, such as corporate creditors and employees. Every jurisdiction must address these problems in a variety of contexts, framed by the corporation's internal dynamics and its interactions with the product, labor, capital, and takeover markets. The authors' central claim, however, is that corporate (or company) forms are fundamentally similar and that, to a surprising degree, jurisdictions pick from among the same handful of legal strategies to address the three basic agency issues. This book explains in detail how (and why) the principal European jurisdictions, Japan, and the United States sometimes select identical legal strategies to address a given corporate law problem, and sometimes make divergent choices. After an introductory discussion of agency issues and legal strategies, the book addresses the basic governance structure of the corporation, including the powers of the board of directors and the shareholders meeting. It proceeds to creditor protection measures, related-party transactions, and fundamental corporate actions such as mergers and charter amendments. Finally, it concludes with an examination of friendly acquisitions, hostile takeovers, and the regulation of the capital markets.
Download or read book Comparative Analysis of the piercing the Corporate Veil Doctrine in English and Danish Law written by Frederik Badstue Wagner and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Re Interpreting Blackstone s Commentaries written by Wilfrid Prest and published by Bloomsbury Publishing. This book was released on 2014-12-01 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection explores the remarkable impact and continuing influence of William Blackstone's Commentaries on the Laws of England, from the work's original publication in the 1760s down to the present. Contributions by cultural and literary scholars, and intellectual and legal historians trace the manner in which this truly seminal text has established its authority well beyond the author's native shores or his own limited lifespan. In the first section, 'Words and Visions', Kathryn Temple, Simon Stern, Cristina S Martinez and Michael Meehan discuss the Commentaries' aesthetic and literary qualities as factors contributing to the work's unique status in Anglo-American legal culture. The second group of essays traces the nature and dimensions of Blackstone's impact in various jurisdictions outside England, namely Quebec (Michel Morin), Louisiana and the United States more generally (John W Cairns and Stephen M Sheppard), North Carolina (John V Orth) and Australasia (Wilfrid Prest). Finally Horst Dippel, Paul Halliday and Ruth Paley examine aspects of Blackstone's influential constitutional and political ideas, while Jessie Allen concludes the volume with a personal account of 'Reading Blackstone in the Twenty-First Century and the Twenty-First Century through Blackstone'. This volume is a sequel to the well-received collection Blackstone and his Commentaries: Biography, Law, History (Hart Publishing, 2009).
Download or read book Cases and Materials in Company Law written by L. S. Sealy and published by Oxford University Press. This book was released on 2007-10-04 with total page 783 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cases and Materials in Company Law is well-established as the best casebook on company law available. It covers all vital cases and combines sophisticated commentary with well-chosen notes and questions. This edition retains the original successful structure and style, whilst being fully updated to reflect changes following the Companies Act 2006.
Download or read book DIFC Courts Practice written by Rupert Reed and published by Edward Elgar Publishing. This book was released on 2020-05-29 with total page 845 pages. Available in PDF, EPUB and Kindle. Book excerpt: The DIFC Courts Practice is the definitive guide to the practice and procedure of the Courts of the Dubai International Financial Centre (DIFC), which is now firmly established as a leading international commercial court.
Download or read book Company Law and Sustainability written by Beate Sjåfjell and published by Cambridge University Press. This book was released on 2015-05-21 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book advances an innovative, multi-jurisdictional argument for the necessity of company law reform to reorient companies towards environmental sustainability.
Download or read book Limited Liability written by Stephen M. Bainbridge and published by Edward Elgar Publishing. This book was released on 2016-09-30 with total page 335 pages. Available in PDF, EPUB and Kindle. Book excerpt: The modern corporation has become central to our society. The key feature of the corporation that makes it such an attractive form of human collaboration is its limited liability. This book explores how, by allowing those who form the corporation to limit their downside risk and personal liability to only the amount they invest, there is the opportunity for more risks taken at a lower cost.
Download or read book Groups of Companies written by Rafael Mariano Manóvil and published by Springer Nature. This book was released on 2020-03-16 with total page 694 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comprehensive study on how twenty-three countries have approached the issue of company groups. In addition to detailed profiles of each country’s legislation, written by some of the most respected experts in the field, the book also presents a general overview and offers readers an in-depth, up-to-date and highly practical comparative analysis of the company group phenomenon in connection with national legal regimes. As such, the book is a must-read for all those seeking a deeper understanding of how company groups are viewed and regulated around the globe.
Download or read book Corporate Duties to the Public written by Barnali Choudhury and published by Cambridge University Press. This book was released on 2019-01-10 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today's economic and social context demands that corporations - once seen only as private actors - owe duties to the public.
Download or read book Challenging Private Law written by William Day and published by Bloomsbury Publishing. This book was released on 2020-11-26 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lord Sumption has been one of the most influential judges of his generation. This book critically reflects on the important and controversial issues raised by his jurisprudence. Using Lord Sumption's judgments and extra-judicial lectures as a starting point, the book contains a selection of essays that consider 'where next' in relation to topics such as: - contract variation, damages and penalties; - economic loss and personal injury in tort law; - knowing receipt and proprietary restitution; - illegality in private law; - agency and attribution; - piercing the corporate veil; - foreign law in the English courts. The book covers a broad range of areas in private law including contract, tort, unjust enrichment, equity, company and commercial law, as well as private international law and civil procedure.
