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Saloman Vs Saloman
made responsible for the company's debts. "Salomon v Salomon - Case Summary." LawTeacher. A man may do that and yet be under no such liability. To avoid such alleged unjust exclusion, the liquidator, on behalf of the unsecured creditors, alleged that the company was the History of Jacksonian Democrats sham, was essentially an agent of Salomon, and therefore, Salomon being the principal, was personally liable for its debt. In UK, courts may disregard Salamons precedent especially when public funds are at stake. If it was not, there was no person and no thing to be an agent at all; and it is impossible to say at the same time that there is a company and there is not. Equitable remedies, such as an injunction or specific performance may be available to compel the controller whose personal legal responsibility is engaged to exercise his control in a particular way. 14 Re Noel Tedman Holdings Pty Ltd., 1967 Qdr 561.
It is idle to say that persons dealing with companies are protected. Ireland, 'The Rise of the Limited Liability Company' (1984) 12 International Journal of the Sociology of Law 239. But there may possibly be some which, like this, are mere devices to enable a man to carry on trade with limited liability, to incur debts in the name of a registered company, and to sweep off the company's assets by means of debentures which. The company was put into liquidation. This case has formed the basis of company law and corporate theory. UK company law case. In this respect, Linklater (2006) identifies three cases where fraud had significant influence on the courts decision to lift the corporate veil: Kensington International Ltd v Congo, R v K and, trustor v Smallbone.
In pursuant to the fraudulent trading provision, if it appears that fraud has been used in carrying out business transactions, the court may on application of the liquidator declare any of the parties to the business liable for making contributions as may be deemed necessary. In the second place, the company have put it out of their power to restore the property which was transferred to them. 17 Peter.Oh, 'Veil-Piercing Unbound' (2013).U.