The company is at law a different person altogether from the subscribers to the Memorandum, and, although it may be that after incorporation the business is precisely.

law

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Assignment Details

f ‘[The company is at law a different person altogether from the subscribers to the

Memorandum, and, although it may be that after incorporation the business is precisely the

I same as it was before, and the same persons are managers, and the same hands receive the

profits, the company is no in law the agent of the subscribers or a trustee for them. Nor are

I the subscribers, as members, liable in any shape or form, except to the extent and in the

manner provided by the Act.’

Lord McNaughton In Salomon y Salomon & Co, Lid; Salomon & C’a, Lid y Salomon -

11895-991 All ER Rep 33 at 48.

Discuss the evolution of the legal concept of separate legal personality in Ireland in

circumstances where the courts will rely on exceptions to the above in order to ‘pierce the

corporate veil’. Refer in your answer to statute; common law and academic commentary.

Marking Scheme:

Structure (10%)

Marks will be awarded for the use of the appropriate structure ,jAC_(Information, Law,

¡ Application, Conclusion), using headings, numbering, logical sequencing of material etc.

Methodology (20%)

Marks will be awarded for the use of appropriate methodology to gather reliable intimation

from appropriate secondary data

Content (50%)

Marks will be awarded for clear interpretation and understanding of material, and who’

how information is gathered, processed and used within a business Context

Referencing (10%)

Marks will be awarded for the correct use of the approved referencing system e.g. the

Harvard Referencing System — Students who completely fail to use the referencing

appropriately may receive 0%

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