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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.
Mr Richard Southwell lifted the corporate veil to enforce Mr Creasey's wrongful dismissal claim. He held that the directors of Breachwood Motors Ltd, who had also been directors of Breachwood Welwyn Ltd, had themselves deliberately ignored the separate legal personality of the companies by transferring assets between the companies without regard to their duties as directors and shareholders.
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.
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]
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.
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.
A joint stock company may act under their seal, or by the signature of their directors, which may have equal effect as their seal, or possibly by a resolution of the board. Nothing of the kind exists here; and if the article is not an agreement on which the plaintiff can rely, there is nothing in the case before us but the fact of his ...
Olympic Steamship Company was founded in Seattle, Washington, on August 22, 1925, by John Ambler, Charles A. Wallace, and William W. Shorthill. The Olympic Steamship Company had routes that served the Pacific Northwest. The Olympic Steamship Company had a fleet of about 4 ships.