Traditionally, the common law notion of piercing the corporate veil is applied when the interests or creditors must be balanced with the right and duty of the company’s directors and officers to run the business in the best interests of its shareholders. When the veil of incorporation is pierced or lifted, the court acts to strip away the protective covering of the limited liability presented by the company structure . This mostly happens when shareholders are involved in fraudulent activity.
With the enactment of the new Companies Act earlier this year, there has been much debate on various platforms about the liability of corporates and that of their officers, servants and directors.
Because the officers, servants and directors of a corporate entity act and think on its behalf, those individuals and corporates is a need for the individuals and corporates to be held accountable for their actions. The director’s duties and liabilities have been significantly expanded under the New Companies Act. But does this expansion represent a lifting or piercing of the corporate veil?
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