Piercing the corporate veil

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Corporations   Piercing the Corporate Veil

Corporations Piercing the Corporate Veil

Corporations Piercing the Corporate Veil SMU Law Review Volume 23 | Issue 2 Article 6 1969 Corporations Piercing the Corporate Veil David L Jackson Follow this and additional works at https //scholar[.]

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Piercing The Corporate Veil US Lessons From Romania And Slovakia

Piercing The Corporate Veil US Lessons From Romania And Slovakia

Both empirical studies prove that once a veil-piercing issue arises, there is around a 50% chance that a state or a federal court in the United States will pierce the veil. However, the studies show that the courts are more likely to reach into the pocket of individual shareholders, or a director, than of a parent company, which may be surprising. The reason for such tendency is that the doctrine of limited liability is precisely to protect the parent company which diverts its risks and whose subsidiary goes bankrupt. As already described, only situations, as such confirmed by these two studies, where the courts will pierce the corporate veil between the parent company and its subsidiary, is when a parent goes beyond its normal and usual role as a shareholder and uses a subsidiary as a mere agent or instrument or a department. A corporation exposes itself to liability only if it totally ignores or circumvents the corporate formalities of the subsidiary. Hence, with sufficient planning and legal consultations, parent companies can avoid such liability.
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The Piercing of the Corporate Veil Doctrine: A Comparative Approach to the  Piercing of the Corporate Veil in European Union and Albania

The Piercing of the Corporate Veil Doctrine: A Comparative Approach to the Piercing of the Corporate Veil in European Union and Albania

Present research paper is focused on the piercing of the corporate veil in the European Union (EU) company law (CL) and Albanian CL. Considering the importance of corporate activity in our days, it is of a specific significance to discuss the applied standards whether the corporate veil should be pierced or not. The corporate veil doctrine presents one of the issues most studied in CL; the doctrine itself is closely related to two legal concepts such as legal personality of the corporate and limited liability of the people behind the corporate. Although limited liability of the corporate is defined by the CL and even in the statute of the corporate, it is not uncontroverted. Along with that, courts examine different factors and conditions while decide to pierce the corporate veil. Company term is given in article (art.) 54 of the Treaty on the Functioning of the European Union (TFEU), as an art. which refers the constitution of the companies under specified legislation. In addition, the corporate is one of the most common business organisation that provides for its shareholders limited liability to the amount they have subscribed. Besides the theories and attempts form a comprehensive framework for piercing of the corporate veil, the decision is up to the court’s discretion.The interpretation will be mainly based on the EU primary and secondary law, the doctrine for piercing the corporate veil, case laws and different articles; additionally one has to bear in mind that despite the metaphoric meaning, the veil dividing the corporate and people behind it may be set aside for the protection of higher interests.
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The piercing of the corporate veil in Latin American jurisprudence; with specific emphasis on Panama

The piercing of the corporate veil in Latin American jurisprudence; with specific emphasis on Panama

The piercing the corporate veil in Latin American jurisdictions, with emphasis on Panama, is the subject of study in this thesis. The desire to engage in this study derives from the lack of research on this subject. The piercing of the corporate veil is a relatively recent subject in Latin America and there has been little research about the methods used by countries in the region. Moreover, I have emphasised Panama due to the relevant role of the corporate entity in this country and the lack of an approach to deal with corporate personality issues. Panama is a Latin American country that is currently experiencing a steady economic growth and with it the use of the corporate entity has become more common. Panama presents a case study due to the environment in which the corporate personality has been developed. Indeed, the corporate personality and all related aspects are addressed in accordance to each jurisdiction’s legal and economic framework. In the case of Panama, this jurisdiction has developed as a financial offshore service centre. The Panamanian corporate entity is known for being a convenient device to conduct business strategies such as lower transaction costs, reduced taxation charges and the protection of assets. 13 Besides the benefits available for foreign and national entrepreneurs, the incorporation of Panamanian companies is a profitable business for the government, law firms and banks. Consequently, discussing the piercing of the corporate veil has been ‘taboo’ among many different sectors of Panamanian economy/society. There is a common perception that should an exception to the corporate personality exist, it would dramatically undermine the Panamanian corporate entity. 14 However, the Panamanian Supreme Court of Justice 15 has not been blinded by this belief and has ignored the corporate personality when it has been evidently misused. In the little Panamanian case law existing with regard this context, the Panamanian Supreme Court has emphasised the fact that it will not allow the use of the Panamanian corporate
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Piercing the Corporate Veil in Montana

Piercing the Corporate Veil in Montana

Based on the following facts, the court concluded that the subsidiary corporation was a mere instrumentality of the parent corporation: the parent and its directors ow[r]

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Dutch Supreme Court at a Loss over Groups

Dutch Supreme Court at a Loss over Groups

Does this analysis represent a complete overview of the current situation of group law in the Netherlands? No: last but not least some words should be spent on the classical theme of piercing the corporate veil. What strikes me in this connection is that, although the Supreme Court is willing to attribute an upward liability-apportioning influence to groups, based on the parental duty of care (Albeda Jelgersma II, Sobi-Hurks, Coral-Stalt, Comsys), no downward absolving influence based on the same considerations has to date been recognized. As discussed the holding company and its management are required to intervene in the subsidiary’s business at a particular moment in time, or become obliged to pay damages to its creditors, yet I am unaware of any conclusive judgment in which the director of a
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Piercing the Veil’s Effect on Corporate Human Rights Violations & International Corporate Crime (Human Trafficking, Slavery, etc)

Piercing the Veil’s Effect on Corporate Human Rights Violations & International Corporate Crime (Human Trafficking, Slavery, etc)

Majority of ICrC and CHRV are contemporaneously consequencual on the perception of top-level officers and risk managers to impunity because of the corporate veil added by a pervasive corporate culture (“Machiavellian, narcissistic, prevaricating, pathologically optimistic, free from self-doubt and moral distractions,” - see Ribstein, and risk-taking business executive. If the individuals who engaged in wrongdoing were influenced by this socially-destructive corporate culture, then relying only on criminal sanctions may not be effective in containing its effect, however, they would be much more cautious to break the law when they are personally liable. It is to believe that the world of shady business in a globalaizing marketplace brings an environment of “means justify the deeds”, and many executive officers compromise their methods to maximize profits, so the fiduciary duties they have to the corporations should be extended to the rightsholders and the society as a whole. There should be no conflict of interests between corporate such and the human rights protection or anti-crime social efforts, and if there is, such it should be omitted with the prevailing social interests. The rational choice theory of motivation for law-abiding behavior depends upon the actor’s realization that planned conduct might result in punishment. Unless individuals recognize that proposed conduct triggers criminal sanctions, they will not pause to evaluate the risk of detection and punishment. Even if they do pause to calculate such risks, judgment biases may impair that evaluation. The inherent difficulty of identifying fraudulent conduct affects the rational calculation made by corporate actors, who may accurately assess the chances of detection as slim. Yet if criminal penalties are increased enough to account for a low probability of detection, they are likely to reach unacceptable levels. The point is not to debate here the fairness issues inherent in increasing punishment as opposed to enforcement efforts, but merely to note another impediment to the rational-choice model. Taken together, the new behavioral theories and the problems regarding enforcement of white-collar crimes suggest greater attention be paid to the second theory of law-abiding behavior.
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Piercing the Veil of Business Incorporation: An Overview of what Warrants It

Piercing the Veil of Business Incorporation: An Overview of what Warrants It

Courts, however, apply the single business economic theory to pierce the corporate veil in situations where two or more corporations are not operated as wholly separate entities, but instead combine their resources to achieve a common business purpose. 22 When courts find that a single business enterprise exists, they will hold each corporation liable for the obligations of the other relating to the common business purpose to avoid an “inequitable outcome.” The courts used a “single economic” theory to pierce the corporate veil in order to reach the assets of a subsidiary’s parent corporation or to reach the assets of any other entity involved in the single business enterprise. Courts have listed several factors that are to be considered when determining whether a single business enterprise exists. These factors, though not cumulative, include having common employees; common shareholders; common officers; centralized accounting; payment of wages by one corporation to another corporation’s employees; services rendered by the employees of one corporation on behalf of another corporation; unclear allocations of profits and losses between corporations; undocumented transfers of funds between corporations etc. 23 Both the “alter ego” and “single economic” theories are inter-
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Humanity: The Sole Divinity One Act Play

Humanity: The Sole Divinity One Act Play

Threeveniyya: (smiled shyly by adjusting veil on his bosom. She jerks her lips and gives a kiss on air): God only gave me this body language. (Flirting) Can you change my body language . . . Baaavayyyaaaaa (Husband). (Leans forward towards Abraham, jerks bosom) Naatho vathaaava!? (Will you come with me?)

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Investigation into wakes generated by surface piercing periscopes

Investigation into wakes generated by surface piercing periscopes

Therefore, the focus of this thesis was to be able to predict the size of the plume, and to investigate geometries that could reduce the size of the plume. As part of this work, it was necessary to generate both numerical and experimental results for surface piercing bluff bodies, both of which had limited published data in the public domain. Following the literature review, CFD modelling techniques were assessed to determine the possibility of CFD to generate the plume structure and also which numerical technique was better suited for this purpose. As the experimental data was limited, a revised set of experimental data was generated, incorporating two cylinder lengths. Utilising the experimental data gathered, further numerical studies were conducted to validate the numerical code and analyse
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Social Antecedents and Sustainability of Corporate Social Responsibility Initiatives: In Developing Country Perspectives

Social Antecedents and Sustainability of Corporate Social Responsibility Initiatives: In Developing Country Perspectives

The main attribute that support the definition of a company’s character and its values is called the company’s personality or the corporation’s identity (Paine, 2003). Corporate identity always reflects how a company is really perceived in the total arena it works within. Most companies try to establish a corporate identity by the use of marketing communication, especially branding, which has today become the central focus of their success and competitive advantage (Werther & Chandler, 2006). Corporate identity helps companies to very clearly differentiate their product offerings in the minds of customers. The question arises as to whether corporate identity truly reflects the business ethics of the company.
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Numerical and experimental investigations
of self piercing riveting

Numerical and experimental investigations of self piercing riveting

Self-piercing riveting (SPR) is a high-speed mechanical fastening technique which is suitable for point joining advanced lightweight sheet materials that are dissimilar, coated and hard to weld. The SPR process has been numerically simulated in this paper using the commercial finite element (FE) software LS-Dyna. Experimental tests on specimens made of aluminium alloy 5754 have been carried out for validating the numerical simulation of the SPR process. The window technique was used in the tests for evaluating the quality of SPR joints. Signals obtained from sensors were amplified and transferred to the data acquisition system which measures, processes and saves the signals. Good agreements between the simulations and the tests have been found, both with respect to the force-travel (time) curves as well as the deformed shape on the cross-section of SPR joint. Deformation and failure of homogeneous joints under monotonic tensile loading were studied for validating the load-bearing capacity and energy absorption of the bonded joints, SPR joints and SPR-bonded hybrid joints.
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Election Law Behind a Veil of Ignorance

Election Law Behind a Veil of Ignorance

This Article considers the existence of veil of ignorance rules in two recent election law controversies: the rule that write-in ballots must be spelled correctly (in the Lisa Murkowski Senate race in Alaska), and the rule that a candidate must be a ―resident‖ of the city in which he plans to run for mayor (Rahm Emanuel‘s candidacy for Mayor of Chicago). Both rules can plausibly lay claim to being formed in conditions where neither party could know, ex ante, which rule would benefit its own candidates. Veil of ignorance rules are interesting in their own right, but they also suggest a possible modification in what Professor Rick Hasen has recently dubbed ―the democracy canon.‖ The canon suggests that ambiguous election law rules should be read in a way that maximizes voter enfranchisement and voter choice. But if there are some rules that are neutral, because formed behind a veil of ignorance, they may deserve a type of deference not due to rules that were formed with an eye toward partisan advantage—even if those rules serve to limit voter participation.
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Peering Under the Inflationary Veil: Synopsis

Peering Under the Inflationary Veil: Synopsis

Michael Alexander also provided striking concrete examples of the unevenness of distortions in financial reporting by showing inflation-adjusted and historical cost financial statements [r]

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Adolescent and Young Adult Tattooing, Piercing, and Scarification

Adolescent and Young Adult Tattooing, Piercing, and Scarification

Wearing a curved barbell instead of a ring until the navel piercing has healed may reduce irritation and scarring. Friction from clothing with tight-fitting waistbands and subsequent skin maceration may account for the delayed healing and increased infection rates of navel piercings. Careful placement of jewelry and avoidance of rigidly fixed jewelry may minimize these problems. Before nipple and areolae piercings, men and women should be counseled about the lengthy time required for complete healing and the risk of delayed infection (see Table 1). Genital piercings anecdotally have been reported to enhance sexual sensitivity. Genital piercing sites in men include the penile glans, urethra, foreskin, and scrotum; sites in women include the clitoral prepuce or body, labia minora, labia majora, and perineum. 54
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Cultures of Invisibility: The Semiotics of the Veil in Early Christianity

Cultures of Invisibility: The Semiotics of the Veil in Early Christianity

The second part of the present paper will offer some preliminary insights about the presence of such semiotic dynamics in the culture of invisibility of early Christianity. Understanding the semiotic role of the veil in the first centuries of Christian history is a complex matter, requiring the interpretation of a multitude of verbal and or visual sources, coming from different cultural areas and adopting different verbal languages or visual codes. Furthermore, even a cursory look at this abundant material shows that the early Christian semiotics of the veil cannot be fully comprehended without reference, once again, to the concept of “living in between”: the cultural proximity, and therefore also the cultural need for dif- ferentiation, between early Christian communities and Jewish communities on the one hand, and between early Christian communities and “pagan” communi- ties on the other. The semi-symbolic systems generated by the veil in the Chris- tianity of the first centuries are often extraordinarily multi-layered works of semi- otic bricolage exactly insofar as they stem from such a complex dialectics be-
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Vol 4, No 8 (2017)

Vol 4, No 8 (2017)

in the light of Simone de Beauvoir’s famous quote: ‘To say that women is mystery is to say, not that she is silent, but that her language is not understood; she is there, but hidden behind veils; she exists beyond these uncertain appearances’. The character mainly discussed in this paper is Katherine who challenges everyday norms in Shakespeare’s play, The Taming of Shrew. What this essay suggests is that within the storyline of the play, the female language is not understood in the patriarchal society and the powerful female figures like Katherine are seen as hidden behind the veil.
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Relationship Between Age of Ear Piercing and Keloid Formation

Relationship Between Age of Ear Piercing and Keloid Formation

The current study demonstrates that keloids are more likely to develop when ear piercing occurs after age 11, compared with ⬍ 11 years of age. This obser- vation of increased risk of keloid formation around the time of puberty holds true for the surveyed pa- tients with a family history of keloids. Additional study with a larger sample would aid in delineating these associations.

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Un-veiling Islamophobia in the post-9_11 era

Un-veiling Islamophobia in the post-9_11 era

values or the enemy of Western civilization. Islam has been categorized by a previous generation of Orientalists as a “parasitic” or even false religion, and the source of “failure” within Muslim civilization vis-à-vis Western cultural achievements. 39 Past Orientalist depictions of Islam as static and barbaric are echoed in the Stasi Report’s analysis of the veil’s impact on Muslim women. As Pruett states, Orientalist portrayals of Islam ignore Islam’s history as a lived religion that has changed over time, and denigrate the ideal of “submission to God” which is sacred to billions of Muslims. 40 Rather Orientalists have consistently depicted Islam as “a cultural artifact requiring interpretation by outsiders,” i.e., Westerners. 41 Like previous Orientalist discourse, the Stasi Report denies Muslims in France the intellectual capability to have an “Islamic” identity and a modern identity simultaneously and claims that veiled women are “submissive” to man, rather than God. Thus, the call to ban the veil in French public schools and institute an “acceptable” version of Islam in contemporary France is part of a long tradition of Orientalism.
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Lifting the veil on disrespect and abuse in facility based child birth care: findings from South West Nigeria

Lifting the veil on disrespect and abuse in facility based child birth care: findings from South West Nigeria

Lifting the veil on disrespect and abuse in facility based child birth care findings from South West Nigeria RESEARCH ARTICLE Open Access Lifting the veil on disrespect and abuse in facility based chi[.]

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