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ARTICLE · 12 JUNE 2013

Piercing The Corporate Veil

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One of the fundamental principles of company law is that a lawfully incorporated company has a legal personality and identity that is separate from its directors or shareholders.

Isle of ManWealth Management
Claire Milne
Claire Milne
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The corporate veil principle

One of the fundamental principles of company law is that a lawfully incorporated company has a legal personality and identity that is separate from its directors or shareholders and is a separate legal entity, vested of separate legal rights and liabilities. Consequently, any liability incurred by the company does not extend to its shareholders (beyond any money paid for their shares) and directors (beyond any personal liability imposed upon them as a result of their directors' duties). The courts are reluctant to undermine legitimate corporate structures by "piercing the corporate veil" and holding shareholders personally liable for the debts and obligations of companies.

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