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| Name | Lifting the Corporate Veil and the Retreat from Salomon | MonaLaw Master Class Series | Company Law |
| Video Uploader | Video From UWI MonaMedia |
| Upload Date | This Video Uploaded At 23-10-2020 17:48:47 |
| Video Discription | MonaLaw Company Law Master Class Lifting the Corporate Veil and the Retreat from Salomon The “separate legal entity” doctrine established by the UK House of Lords in Salomon and Salomon (1896) is the bedrock of company law in the Commonwealth Caribbean. However, there has been circumvention through “lifting the veil” or other creative means. The importance of the doctrine has been recently reaffirmed by the UK Supreme Court in Prest v Petrodel (2013) and the instances for “lifting the veil” restricted. Have courts in the Commonwealth Caribbean followed suit? B. St. Michael Hylton O.J., Q.C., explores the history of the law and the recent case law, suggesting a mixed response, from reaffirmation of the principle to retreat from it. See some cases related to the discussion: • McDonald Millingen v Geddes and Bardi [2019] JMCC Comm 30 The Supreme Court of Jamaica, Commercial Division, relied on Prest and confirmed that the corporate veil would not be lifted without evidence of fraud. • Yaiguaje v. Chevron Corp. 2018 ONCA 472 (CA, Ontario) The Ontario Court of Appeal rejected a “just and equitable standard” for piercing the corporate veil and a group enterprise liability theory for piercing the corporate veil. • JCA BTA Bank v Ablyazov and ors [2014] EWHC 455 (HC England and Wales) The High Court of England and Wales found that, based on the specific facts of the case, the assets legally vested in a company were beneficially owned by its controller. • International Hotels (Jamaica) Limited v Proprietors Strata Plan [2013] JMCA Civ 45 The Jamaica Court of Appeal confirmed Prest and found that a subsidiary company could acquire an interest by adverse possession against its parent company. • Prest v Petrodel Resources Limited [2013] 4 All ER 673 (UKSC) The UK Supreme Court re-established that the veil of incorporation may not be lifted without evidence of fraud, however a similar result may be obtained through the finding of a resulting trust. Vto0os2TlNE |
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