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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 Employers' Liability Act 1880 (43 & 44 Vict. c. 42) opened a new area of insurance and one of the many companies formed to serve that market was formed in Perth, Scotland, in 1885. The General Accident and Employers’ Liability Assurance Association was launched by local businessmen with a capital of only £5,000 and its main object was to ...
In 1967 it acquired Union Insurance Society of Canton Ltd. In 1968 it merged with Royal Exchange Assurance to form Guardian Royal Exchange Assurance. [8] In February 1999 the Guardian Royal Exchange was purchased by AXA, who subsequently sold the Life and Pensions business to AEGON NV, later that same year. Aegon then sold the business to ...
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.
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Salomon & Co. Ltd. that a company and the individual or individuals forming a company were separate legal entities, however complete the control might be by one or more of those individuals over the company. That is the whole principle of the formation of limited liability companies and it would be contrary to the scheme of the Companies Acts ...