... liabilities3. Furthermore, the company does not hold any property for example merely as an agent or trustee for its members4, they cannot sue individually or collectively to enforce rights which the company has against third persons otherwise than in exceptional circumstances5, nor can they be sued in respect of its liabilities6. This legal recognition of the corporate entity's independence strengthens what we have established as the corporate veil, and separates the legal identity of the company from that of its individual constituents. However, the principle may cause a certain amount of difficulty and it has become apparent that the veil may be lifted so that the human and commercial reality behind the corporate personality can be taken account of7 ultimately in the interests of justice. Indeed, the law therefore has had to develop so as to not deny the obvious legitimate opportunities and economic benefits that the veil of incorporation ...

See this essay or coursework document in full right now