Outline and critically discuss the statutory and common law examples Essay

Outline and critically discuss the statutory and common law examples of 'lifting the veil' on corporate personality - Essay Example There are several statutory examples in which the courts are prepared to lift the veil of the corporation. For example under the Proceeds of Crime Act 2002, in which the court can make a confiscation order against a convicted criminal has been used to lift the corporate veil.3 Guidelines have been established setting forth the limitations for which confiscation orders can be made that lift the corporate veil. It was held in R v Seager by Aikens LJ that under the criminal law there are three circumstances in which the corporate shield may be lifted. Firstly, if it is established that the convicted criminal attempted to hide his criminal activities and the proceeds of those activities behind the corporation’s separate legal personality, the veil may be lifted.4 Secondly, the corporate veil may be lifted in cases where the convicted criminal committed crimes constituting the criminal offence for which he/she is convicted. Finally, the shield may be lifted where the â€Å"transaction or business structures constitute a ‘device’, ‘cloak’, or ‘sham’, i.e. an attempt to disguise the true nature of the transaction†.5 In other words, the Proceeds of Crime Act 2002, will be used in instances where it is clear that the company was used as an instrument in crime for either evading criminal liability or for hiding the proceeds of crime.6 There are several other statutes, particularly revenue statutes where the corporate veil is lifted for the collection of taxes. Moreover, the corporate veil can also be lifted under the Landlord and Tenant Act 1954 and Trading with the Enemy Act 1939.7 Both statutes are used to determine whether or not the individual and the company are so intricately tied that it is difficult to distinguish between the two.8 The statutes considered here are the Insolvency Act 1986 and the Companies Act 2006. There are four examples under the Insolvency Act 1986 in which the corporate veil may be lifted. Under Section 122(1)(g),

Sales & Sales Management in this current climate Assignment

Sales & Sales Management in this current climate - Assignment Example Internationally, the profitability of the traditional banking activities has been declining on the past few years. This has been accompanied with massive growth in the financial market owing to globalization of the market, increasing innovation and technology, abundance of new financial products and adoption of enhanced risk management strategies. These developments have enabled the international financial industry to experience immense growth even in the face of decline in the traditional services profits. The Bank of Ireland Finance (BIF) offers various finance packages for its clients. The introduction of the motor finance service by the bank has greatly contributed to its growth. This product is not regulated by the central bank policies allowing for the bank to be flexible. The Irish economy has experienced tremendous growth for the past 15 years. This has created an opportunity for the banking industry to offer improved services and products to the market. The motor finance service is a product by the bank that lends money to their clients to pay for their motor vehicles. This product offers the client the advantage of acquiring the vehicle without liquid cash. They are thus able to repay the loan in installments at an interest. The innovation of such services has lead to the development and growth of the banking industry in Ireland. The banking industry has undergone tremendous growth with the globalization of the market. The formation of the European Union market for the banking sector has increased competition in the market. Furthermore, other lending firms in Ireland have come up increasing the competition facing the bank of Ireland. The increased competition is accompanied by a change in the consumer needs. This has prompted the banks to offer other services in order to retain it market position (Best, 2012). However, this industry has been facing various challenges facing some of the