Prest v petrodel Study guides, Revision notes & Summaries

3. LIFTING THE VEIL OF INCORPORATION A. SALOMON V SALOMON & CO The effect of the House of Lords' unanimous ruling was to uphold firmly the doctrine of corporate personality, as set out in the Companies Act 1862, so that creditors of an insolvent company could not sue the company's shareholders to pay up outstanding debts. Significance In the decades since Salomon's case, various exceptional circumstances have been delineated, both by legislatures and the judiciary, in England and elsew...

Butterberry Limited is a company making yoghurts and other dairy products. It has been in existence for 12 years and has four shareholders who are also the four directors of the company. It has outgrown its existing premises and needs to move to a larger factory. Nick and Andi, two of the company's directors, negotiate the purchase of a new factory on the Wrexford Industrial Estate with Wrexford Development Corporation. Nick and Andi sign the contract and transfer document on behalf o...

Salomon 1987 Correct Answer Separate legal personality - Held Salomon wasn't liable for company debts due to separate legal personality Macaura v Northern Assurance 1925 Correct Answer Separate legal personality - no insurable interest Lee v Lee's Air Farming 1961 Correct Answer Separate legal personality - director/shareholder allowed to have dual capacity bc company is separate, so can have contractual relations Meridian case 1995 Correct Answer Separate legal personality - for acti...

SUMMARY SOLICITORS ACCOUNTS BLP MCQS PRACTICE TEST Butterberry Limited is a company making yoghurts and other dairy products. It has been in existence for 12 years and has four shareholders who are also the four directors of the company. It has outgrown its existing premises and needs to move to a larger factory. Nick and Andi, two of the company's directors, negotiate the purchase of a new factory on the Wrexford Industrial Estate with Wrexford Development Corporation. Nick and An...

PARTNERSHIPS: What is a partnership? s.1(1) Partnership Act 1890 Partnership = persons carrying on business with a view to profit. – May form a partnership irrespective of contrary intention. A partnership is formed once the definition is satisfied, not when a decision to form a partnership is made. Existence of partnerships: s.1(1) PA 1890 No formality is needed to establish a partnership so a partnership can be formed without the specific intent of the parties to form one. s.2(3) ...

GRAD LLB: COMPANY LAW FORMATIVE ASSESSMENT: SPTI Law School Page 1 of 5 GRADUATE LLB COMPANY LAW FORMATIVE ASSESSMENT: SPTI LLB (Hons) Programmes The Supreme Court decision in Prest v Petrodel Resources Limited [2013] UKSC 34 held that the doctrine of English law, which enables the courts in very limited circumstances to pierce the corporate veil, was only to be invoked where a person was under an existing legal obligation or liability or subject to an existing legal restriction which ...

UCL 2022-23 Lecture notes: piercing the corporate veil, covering: Salomon v Salomon, theories of veil piercing (agency, sham or facade, evasion of existing legal obligations, assumptions of personal responsibility, single economic units, interests of justice), and more. Contains casenotes on fundamental corporate veil cases including: Prest v Petrodel, VTB v Nutritek, DHN v Tower Hamlets, and more. Lecture notes polished for essay writing.

- history of separate corporate personality - principles of separate legal personality - consequences of separate legal personality - summaries of Salomon v Salomon, Lee v Lee's Air Farming, Macaura v Northern Assurance, Prest v Petrodel,

- case extract on Salomon v Salomon (general rule on separate corporate personality): high court judgement, CA judgment, HL judgment - case extract on Prest v Petrodel (piercing the corporate veil): difference between concealment and evasion principles - VTB v Nutritek case extract - piercing on ground of sham/facade - piercing on ground of agency - piercing in the interests of justice - piercing in group companies - piercing in duty of care scenarios