Lifting the Corporate Veil
Lifting the Corporate Veil is the judicial process by which Courts will determine the negative / evil character of a company, if any. In the process the corporate identity of the company would be temporarily / permanently removed.
Some instances when this will be necessary are:
- To determine the true character of the company
- Determination of residence for tax purposes
- Fraud and evasion of contractual obligation
- Tax evasion and inference of agency to prevent it
- Evasion of statutory provisions - inference of agency to prevent it