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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 Western Assurance Company was a Canadian insurance company that has operated from 1851 to 2025. Western was one of the country's earliest fire insurance companies and played an important role in the development of the industry in Canada.
The 1990 accounts (the first on line at Companies House) showed premium income of £3.5 billion but a £121 million pre-tax loss in 1990. After three years of losses, General Accident bounced back to record profits in 1993. This was followed by the purchase of the life assurance company, Provident Mutual in 1996. [4] [3]
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Jones v Lipman [1962] 1 WLR 832 is a UK company law case concerning piercing the corporate veil.It exemplifies the principal case in which the veil will be lifted, that is, when a company is used as a "mere facade" concealing the "true facts", which essentially means it is formed to avoid a pre-existing obligation.
The company received its royal charter under the Royal Exchange and London Assurance Corporation Act 1719 (6 Geo. 1.c. 18), popularly known as the Bubble Act. [3] Under the terms of this legislation, the Royal Exchange and the London Assurance Company were the only incorporated bodies chartered to write marine insurance.