lifting the veil
lifting the (corporate) veilin company law, the court's refusal to apply the normal rule that a corporation is a different legal person from its members. Instances where this has been done are:
- (1) where a group of companies is an economic entity; and
- (2) where there is illegality.
Directors who may be members are not protected by the veil in some statutory cases:
- (1) where the membership of the company has fallen beneath the statutory minimum;
- (2) where the company trades without having received the appropriate certificate from the registrar;
- (3) where a bill of exchange is signed by an officer of the company, which does not bear the company's full name;
- (4) where under the Insolvency Act 1986 the directors are personally liable for wrongful trading.