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He sold the timber there to Irish Canadian Sawmills Ltd for 42,000 fully paid up £1 shares, making him the whole owner (with nominees). Mr Macaura was also an unsecured creditor for £19,000. He got insurance policies - but in his own name, not the company's - with Northern Assurance covering for fire .
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 ...
Aveling Barford Ltd v Perion Ltd [1989] BCLC 626 is an English company law case concerning reduction of capital. It held that a sale at an undervalue of an asset was a dressed-up distribution. As the company did not have distributable reserves, the sale was in consequence an unlawful reduction of capital.
In 1887, he moved to Los Angeles, California and founded the Chanslor-Canfield Midway Oil Co. [1] In 1892, he partnered with Edward L. Doheny to develop the first gusher in Los Angeles at the intersection of Patton and Colton streets on Crown Hill, just northwest of today's Downtown Los Angeles.
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.
Brand moved to Los Angeles in 1886 as land development flourished, and formed the Los Angeles Abstract Company with Edwin Sargent [4] on the corner of Franklin and New High Streets. [5] At that time, the real estate business in the Los Angeles area was booming, but unfortunately for Brand and Sargent, financial panic struck in 1892, the market ...
The result was that Littlewoods gave up their lease for 88 years at a rent of £23,444 and took instead a lease from the Oddfellows for 22 years at £42,450: and, in addition, Littlewoods, through their wholly owned subsidiary, the Fork Manufacturing Co. Ltd., at the end of the 22 years, would have the entire freehold in hand in possession.