The Corporation has remained a common asset protection mechanism which serves to successfully externalise risk arising from business and other transactions. The success of this model of risk externalisation is largely due to the legal nature of a corporation being a distinct legal person capable of suing and being sued in its own name. This is enhanced by the concept of limited liability. The paper explores the development of the concept of limited liability in England, the United States of America and Australia. In doing so, it examines the Court’s treatment of the ground of fraud as a basis of piercing the Corporate Veil. The Paper seeks to charter the fraud exception and critically examines the statistics attached to circumstances where Courts have readily pierced the Corporate Veil.
Available at: http://works.bepress.com/irshad_hameed/1/