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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 ...
Pages in category "1925 in British law" The following 6 pages are in this category, out of 6 total. ... Macaura v Northern Assurance Co Ltd; P. Palestinian ...
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 ...
The American Eagle Aircraft Corporation was an American aircraft design and manufacturing company which existed briefly in Kansas, but which was a victim of the Great Depression, after building some 500 light airplanes, many of which were the Model A-129, a design attributed to noted aviation pioneer Giuseppe Mario Bellanca.
Mr Dalby was a director of the ACP group of companies, including Gencor ACP Ltd. He dishonestly diverted assets and opportunities to his British Virgin Islands company. Gencor ACP sought to force him and his company to repay the money. He also paid his son £24,000 a year for work, even though the son was still in school.
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.