EVOLUTION OF PIERCING OF CORPORATE VEIL WITH REGARDS TO CORPORATE PERSONALITY
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Abstract
Corporate Veil is a legal concept that separates the identity of a company from its shareholders. It is one of the most unique features of a company over other kind of associations like a partnership. The Shareholders in a company are no liability in the debts a corporation incurs or the credit it is owed. The concept of Corporate Veil has evolved over the years and in cases it has been misused. Personal malice on behalf of certain persons as a part of a corporation has led for the courts internationally to pierce said veil to look at individual roles inside of a company. By this, the courts are technically voiding a company of its basic characteristic feature. This raises the question of arbitrariness in the decision making of the courts. There is thus a clear conflict in the working of the courts and the way a company is designed to work. This paper aims at looking at the interpretation of this concept around the world and analyze the evolution of the piercing of the corporate veil. This paper looks at the conflict between the idea of there being piercing of the veil in regards to corporate personality. For this, the researchers will be looking at various papers written by scholars over the years to understand the need for there to be such a mechanism in place.
The paper would also be looking at various landmark cases to understand the evolution in the usage of the mechanism of piercing the Corporate Veil. This will help come to the conclusion of understanding the jurisprudence behind the usage of this mechanism and the way it has been used over the years.
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