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Summary Essay Plan for lifting the veil of corporation problem questions
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Essay Plan for lifting the veil of corporation problem questions
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1. Introduction1.1. State the purpose of the essay and the issues to be dealt with:
1.1.1. The position of the company in question; and
1.1.2. Whether the veil of incorporation would be lifted by the courts.
2. Re: the position of the company in question
2.1. Define the concept of separate legal entity by citing Salomon v Salomon & Co
Ltd. And provide the effects of separate legal entity.
2.2. Apply on the facts.
3. Re: whether the veil of incorporation would be lifted by the courts
3.1. State the possible basis which would allow the court to lift the veil of
incorporation.
3.1.1. Statutory basis
3.1.1.1. Insolvency Act 1986
3.1.1.1.1. S 213
3.1.1.1.1.1. Allows the court to lift the veil if the company is being
wound up and the business had been carried on with the
intention to defraud the creditors.
3.1.1.1.2. S 214
3.1.1.1.2.1. Allows the court to lift the veil if the company did not
take reasonable and sufficient steps to minimise losses to
creditors despite having the knowledge that the company is in
insolvent liquidation.
3.1.2. Common law basis
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