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In Salomon v Salomon & Co Ltd [1897] case, the court held that in a limited liability (Limited liability is
where the shareholders are lawfully liable for the debts of a corporation only to the extent of the
nominal amount of their owned shares) corporation in law, once an association has been incorporated,
the court permits the corporate to be an independent and separate legal entity within the boundaries of
the law1
...
Piercing seems to happen freakishly3; the court
concentrates on protecting the companies' form and avoiding fraudulent practices
...
Courts have failed to
develop a consistent method for determining what circumstances justify overlooking the principles of
"separation of legal personality" and "limited liability
...
However, the conditions under which the "corporate
veil" is lifted are not exhaustive
...
Does the unclarity of
when the piercing corporate veil occurs indicate that Salomon's decision was not the correct principle
for courts to follow?
1
Salomon v Salomon & Co Ltd [1897] AC
Wild, C
...
, Smith & Keenan’s Company Law (18th edition, Pearson, 2019) Chapter 4
3
Easterbrook & Fischel
4
Ibid 4
2