Search results
Results From The WOW.Com Content Network
Macaura v Northern Assurance Co Ltd [1925] AC 619 appeared before the House of Lords concerning the principle of lifting the corporate veil. Unusually, the request to do so was in this case made by the corporation's owner.
Dr Wallersteiner had bought a company called Hartley Baird Ltd using money from the company itself, in contravention of the prohibitions on financial assistance (under Companies Act 1948 s 54 and 190). He had got 80% of the company. Mr Moir was one of the 20% remainder shareholders.
Sir Andrew Morritt VC held that there was enough evidence to lift the veil on the basis that it was a "mere facade". He noted the tension between Adams v Cape Industries plc and later cases and stated that impropriety is not enough to pierce the veil, but the court is entitled to do so where a company is used ‘as a device or façade to conceal the true facts and the liability of the ...
The company's assets expanded to $2 million in 1892 and $17M in 1914. [4] and over £5m by 1924. [11] The Union acquired China Traders Insurance Co. in 1906, the China Fire Insurance co. in 1916 and the Yangtze Insurance Association in 1925. [9] By 1920 the Union was the largest marine insurance company in the world. [12]
They registered a company called City of London Investment Corporation Ltd (LIC) in Guernsey. It had seven shareholders and issued £11 of its nominal capital of £100,000. Darby and Gyde were the only directors and entitled to all profits. The company purported to register and float a company in England called Welsh Slate Quarries Ltd, for £ ...
Lee v Lee's Air Farming Ltd [1960] UKPC 33 is a company law case from New Zealand, also important for UK company law and Indian Companies Act 2013, concerning the corporate veil and separate legal personality.
A more than 100-year-old Wichita company has filed for Chapter 11 bankruptcy to restructure the business and potentially bring in new partners. Amid bankruptcy filing, Pioneer Balloon owners find ...
The insurer refused to indemnify Mr. Kosmopoulos on the grounds that the corporation owned the property, even though he was the sole-shareholder of the corporation. The insurer's position was consistent with the 1925 decision of the House of Lords in Macaura v Northern Assurance Co Ltd.