Piercing the corporate veil definition

Piercing the corporate veil means any and all common law doctrines by which a holder may be liable for an obligation or liability of a covered entity on the basis that the holder controlled the covered entity, the holder is or was the alter ego of the covered entity, or the covered entity has been used for the purpose of actual or constructive fraud or as a sham to perpetrate a fraud or any other common law doctrine by which the covered entity is disregarded for purposes of imposing liability on a holder for the debts or obligations of that covered entity.
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Piercing the corporate veil means looking beyond the separate personality of a company to fix liability on the shareholder(s).
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Examples of Piercing the corporate veil in a sentence

  • Piercing the corporate veil is an equitable remedy and is “intended to prevent abuse of corporate protections.” Equity Trust Co. Custodian v.

  • Piercing the corporate veil is an equitable remedy that allows courts to disregard the corporate form to serve the ends of justice.

  • Piercing the corporate veil “may be done only in the interest of justice, when such matters as fraud, contravention of law or contract, public wrong, or where equitable consideration among members of the corporation require it .

  • Id. Piercing the corporate veil “does not require proof of actual fraud.” Trustees of Nat.

  • Piercing the corporate veil traditionally occurs when there is a unity of interest of the stockholders, and the corporate entity has been used in an attempt to avoid legal obligations.

  • The counts in the complaint are: (I) Piercing the corporate veil, (II) Breach of contract, (III) Breach of covenant of good faith and fair dealing, (IV) Negligence, (V) Conversion, (VI) Fraudulent misrepresentation and actual fraud,(VII) New Hampshire RSA 358-A, a consumer protection statute, (VIII) § 523(a)(2)(A), (IX) § 523(a)(2)(B), (X) § 523(a)(4), (XI) § 523(a)(6), (XII) § 727(a)(2), and (XIII) § 727(a)(4).

  • Seifu Teklemariam (1968), Piercing the corporate veil: its application to private limited companies and share companies in Ethiopia, Senior Thesis, Faculty of Law, Haile Selassie I University, (unpublished), p.

  • Piercing the corporate veil can occur if the company is not observing legal formalities and is simply acting as an alter ego of the member.

  • Piercing the corporate veil approach should be distinguished from the tort liability approach.

  • Piercing the corporate veil “is a step to be taken cautiously,” Quinn v.

Related to Piercing the corporate veil

  • Employee assigned to the contract means an employee who was hired after November 6, 1986, who is directly performing work, in the United States. An employee is not considered to be directly performing work under a contract if the employee—

  • Governing body means the board of county commissioners or a county council if a county; the legislative authority if a municipal corporation; or the board of township trustees if a township; the board of directors if a sanitary district; or the board of trustees if a regional water and sewer district.

  • Body piercing means the creation of an opening in a human body for the purpose of inserting jewelry or other decoration. "Body piercing" includes, but is not limited to, the piercing of an ear, including the tragus, lip, tongue, nose, or eyebrow. "Body piercing" does not include the piercing of an ear, except for the tragus, with a disposable, single-use, presterilized stud and clasp or solid needle that is applied using a mechanical device to force the needle or stud through the ear.

  • Sale of the Company means the sale of the Company to an Independent Third Party or affiliated group of Independent Third Parties pursuant to which such party or parties acquire (i) capital stock of the Company possessing the voting power to elect a majority of the Company's board of directors (whether by merger, consolidation or sale or transfer of the Company's capital stock) or (ii) all or substantially all of the Company's assets determined on a consolidated basis.

  • BCC means the Santa Fe County Board of County Commissioners

  • Resolution of Shareholders means either:

  • B-BBEE means broad-based black economic empowerment as defined in section 1 of the Broad-Based Black Economic Empowerment Act;

  • DOH means the department of health.