WHETHER ONLY THE FEDERAL HIGH COURT CAN ENTERTAIN SUIT IN RESPECT TO LIFTING OF CORPORATE VEIL?
WHETHER ONLY THE FEDERAL HIGH COURT CAN ENTERTAIN SUIT IN RESPECT TO LIFTING OF CORPORATE VEIL? by Branham Chima. Subscribe: https://branhamchima.substack.com/embed ✓ DEFINITION(S): Lifting corporate veil: Lifting the corporate veil, also known as piercing the corporate veil, is a legal concept that refers to a situation where a court disregards the separate legal personality of a corporation or limited liability entity. This means that the personal assets of the shareholders are generally protected from the debts and liabilities of the corporation. However, in certain circumstances, a court may decide to ‘lift’ or ‘pierce’ the corporate veil and hold the shareholders personally liable for the obligations of the corporation. This is typically done when it is determined that the corporation is being used to perpetrate fraud, injustice, or to evade legal obligations. By lifting the corporate veil, the court treats the rights, liabilities, or actions of the corporat...