Just Whatever - 1974 Words

A P European History Test Prep DBQ Free Response Questions For DBQ’s Always: 1. Provide an appropriate, explicitly stated thesis that directly addresses all parts of the question and does NOT simply restate the question. 2. Discuss a majority of the documents individually and specifically. 3. Demonstrate understanding of the basic meaning of a majority of the documents. 4. Support the thesis with appropriate interpretations of a majority of the documents. 5. Analyze point of view or bias in at least three documents. 6. Analyze the documents by explicitly grouping them in at least three appropriate ways. 2000 DBQ: Using specific examples from the documents below, analyze the purposes that rituals and festivals served in traditional†¦show more content†¦B. Louis XIV declared his goal was â€Å"one king, one law, one faith.† Analyze the methods the king used to achieve this objective and discuss the extent to which he was successful. C. Explain how advances in learning and technology influence fifteenth- and sixteenth- century European exploration and trade. D. Analyze three reasons for the end of Soviet domination over Eastern Europe. E. Analyze three examples of the relationship between Romanticism and nationalism before 1850. F. How and to what extent did Enlightenment ideas about religion and society shape the policies of the French Revolution in the period 1789 to 1799? 2004 DBQ: Analyze attitudes toward and responses to â€Å"the poor† in Europe between approximately 1450 and 1700. Free Response A. Compare and contrast the extent to which the French Revolution (1789-1799) and the Russian Revolution (1917-1924) changed the status of women. B. Analyze the ways in which technology and mass culture contributed to the success of dictators in the 1920’s and 1930’s. C. Analyze the factors working for and against European unity from 1945 to 2001. D. Analyze the influence of humanism on the visual arts in the Italian Renaissance. Use at least THREE specific works to support your analysis. E. Assess the impact of the Scientific Revolution on religion and philosophy in the period 1550 to 1750. F. Contrast the impact of nationalism in Germany and the Austrian Empire from 1848 to 1914. 2005 DBQ:Show MoreRelatedEssay on The State of Nature is a State of War1498 Words   |  6 Pagescomes from the sovereign’s ability to enact war against other nations is Just and Unjust War Theory. The sovereign makes a moral decision in regards to war at two opportunity points. Michael Walzer states that war is always judged, first with reference to the reasons states have for fighting, secondly with reference to the means they adopt. The first judgment is Jus ad Bellum, the justice of war, is a particular war just or unjust. 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Corporate Governance & Ethics Whistleblower Policy

Question: Discuss about theCorporate Governance Ethics for Whistleblower Policy. Answer: Introduction: In this report we are discussing Australian Shareholders Association (ASA) their main mission and vision. We are also discussing why all Australian companies have report to ASA. In the next part of the report we are explaining the meaning whistle blower and their characteristics. We are also discussing Example of both good and bad outcomes in real time cases. ASAs and its Main Mission and Dream Australian Shareholders Association (ASA) is an autonomous, funded by members not-for-profitassociation. It has grown-up as a main autonomous body on behalf of retail investors (Australian Shareholders' Association, 2016). The main mission and dream of ASA is to Standing up for the stakeholders .After being set up in 1960 ASA protects and advance the interests of investors and give a powerful communal voice to its shareholders. ASA do this by advancing the interests of retailshareholderswith administration, business, and markets . ASA monitors the corporations and its goal is to advance their financial presentation and corporate supremacy. Corporate governance is effectively raised by ASA in Australian companies. And it continues for betterment in clearness and answerability. On Yearly bases ASA monitors the presentation of main 200 Australian listed entities. The aim behind company monitoring is to absolutely influence results for its retail shareholders. The main aim of ASA is to treat all the stakeholders evenly and advocates for alteration where it is needed. ASA assist its members to get better their asset information and monetary literacy with free member meetings, conversation groups and cost-effective teaching across Australia and it includes local area among them. By giving independent research, governance data and its well-priced education programs ASA assists its members to expand their sensible skills to get better their investing information (Australian Shareholders' Association, 2016). The main vision of ASA is to improve corporate governance engaging shareholders and improve investment knowledge for investors. A whistler blower can be a member of staff or an ex-employee of a corporation who have proof of deceitfulness and immoral behavior in the organization that is not in the best interests of the public. They generally disclose classified information in their place of work to others, which violates the rule or even endangers the wellbeing of the workers (Dugger .A, 2016). The main characteristics of whistleblower is that he absolutely have faith that bad behavior occurred, he believes that the bad behavior is serious and unpleasant, and he works in the organization about which he makes the report. Frequently, whistleblowers are also careful evidence keepers. The essential feature of a whistleblower is that the individual may fear reprisal from his boss. Still if any individual is reporting misconduct in other corporation, he suffers for the reporting by facing complexity in getting prospect service in the industry (Meredith Melnick, (2016). We can take many examples when whistleblowers are retrenched or punished for their brave attitude because they disclose the matter in community interest. In the present case, Benjamin Koh claim that doctors are pressurized to alter the medical information, patients' records are deleted and claims late it is a division of their plan to stay away from policy pay-outs. Koh misplaced from his position for breaking CBAs IT policy connecting to taking customer records at house. At this phase it comes into view that his proceedings have been vindicated given that CBA Ian Narev has apologize for what happened.CBA does not have a entirely negative data when it comes to whistleblowers. Chanticleer can reveal that the allegations against two employees from the CBA's IT division for corporate bribery resulted from the actions of a whistleblower. The person still works at the bank but he would favor to stay nameless. The person is examining credit card records when unusual payments were found. It led to examine his bank financial records (Boyd.T, 2016). A committee is set up by the government and it recommends to the administration to enlarge the definition of a whistleblower and it comprise corporation former workers, monetary services providers, accountants and auditors, unpaid personnel and industry partners. Committee recommends the administration to get bigger its range of information secluded by the whistleblower protections. And to cover any misconduct that ASIC may examine and give that ASIC cannot be required to produce a file enlightening a whistleblower's individuality unless an order is passed by the court. It is also told by them that business whistleblower structure is efficient so that unidentified disclosure are secluded and the obligation that a whistleblower must be acting in high-quality confidence in reveling the data is detached. The revelation is based on a truthful faith, on rational basis. The committee also suggested it is a criminal offence to intimidate to take retaliation towards the whistleblower (Australian securities and investment commission, 2016). Conclusion In this report we have discussed (ASA), and its main mission and vision. We are Definining whistle blower and their characteristics .Example of both good and bad outcomes of real time cases. References Australian Shareholders' Association, (2016), ASA, Accessed on 8th September 2016 from https://www.australianshareholders.com.au/ Australian Shareholders' Association, (2016), our strategy, accessed on 8th September 2016 from https://www.australianshareholders.com.au/our-strategy Australian Shareholders' Association, (2016), Membership benefits, accessed on 8th September 2016 from https://www.australianshareholders.com.au/membership-benefits Meredith Melnick, (2016), What Motivates A Whistleblower? Accessed on 8th September 2016 from https://www.huffingtonpost.in/entry/psychology-whistleblower_n_5889630 Dugger .A (2016), what is the Whistleblower Act? - Definition, Rights Protection accessed on 8th September 2016 from https://study.com/academy/lesson/what-is-the-whistleblower-act-definition-rights-protection.html Boyd.T, (2016), ASIC backs project aimed at encouraging corporate whistleblowers, accessed on 8th September 2016 from https://www.afr.com/brand/chanticleer/asic-backs-project-aimed-at-encouraging-corporate-whistleblowers-20160414-go6jhv Parliament of Australia, Department of Parliamentary Services, (2005), Whistle blowing in Australia transparency, accountability but above all, the truth, accessed on 8th September 2016 from https://www.aph.gov.au/binaries/library/pubs/rn/2004-05/05rn31.pdf Australian securities and investment commission (2016), Guidance for whistleblowers, accessed on 8th September 2016 from https://asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/guidance-for-whistleblowers/#AmIawhistleblower

Piercing the Corporate Veil England and Wales

Introduction The main reason for forming a corporation is to protect owners from liabilities and debts of their ventures. This guarantees the continuity of the corporation. However, we have noted cases whereby courts have reached a point of considering a separate business enterprise as a way of gaining unfair advantages over creditors and other claimants.Advertising We will write a custom essay sample on Piercing the Corporate Veil: England and Wales specifically for you for only $16.05 $11/page Learn More Moreover, it is clear that courts apply various standards for various types of business entities. Therefore, such variations in decision-making can affect the future decisions of courts when piercing the veils of other entities, which can have significant ramifications for the owners. This paper looks at circumstances under which courts can decide to pierce the corporate veil using cases from England and Wales. It also reviews both past and recent tren ds and how they may affect future decisions of courts. Piercing the Corporate veil Shareholders of business corporations and limited liability entities design their organisations to protect themselves from creditors. Individual investors take risks by making investments in new or existing businesses. The public favours creations of new entities because of job creation. In addition, they also act as sources of taxes for the government. Corporations and limited liability companies are responsible for business developments as they protect their owners from failure resulting from business activities. Thus, if the new corporation fails, it is responsible for all debts it incurred as a new venture. However, corporations protect shareholders from such claims. Thus, the business owner has no obligation to pay such debts unless there are personal guarantees of the owner against debts. Therefore, in case of lawsuits, business entities face risks of losing their assets. However, the corporate veil protects assets of the owner. Thus, we can say that not many entrepreneurs would risk their personal wealth without a corporate shield.Advertising Looking for essay on business corporate law? Let's see if we can help you! Get your first paper with 15% OFF Learn More We have to note that the lawsuit may only remain as a form of threat to the business only if the owner treats that business as a distinct and separate entity from himself. In most cases, the court may establish that the corporation has no real assets to pay for its debts. In this case, the creditor may seek to convince the court that a corporate shield should not apply in the case. Instead, the creditor will strive to recover the debts from personal assets of the owner. This practice of collecting debt is piercing the corporate veil in order to get the court’s decision regarding the owner’s obligations for the creditor in debts incurred. Shareholder Protection and Piercing the Corporate Veil Courts have often delivered some controversial rulings about piercing the corporate veil. The landmark case of Salomon v A Salomon Co Ltd of 1897 is one of such court rulings. The recent case that has influenced the idea of piercing the corporate veil is the case of VTB Capital Plc v Nutritek International Corp (VTB Capital) of 2011. There is also the case of Antonio Gramsci Shipping Corp v Stepanovs (Gramsci) of 2011. These cases have created new interests regarding the scope of piercing the corporate veil (Pugh, 2012). In the case of Gramsci, the Court ruled that it was appropriate to pierce the corporate veil of Stepanovs so that Gramsci could enforce terms of the agreement under the contract. The Court based its decision on the fact that the owners established the company to perpetuate fraud by abusing structure and personality of the company. The UK has effective Corporate Governance Codes (the Code). It works based on â€Å"comply or explain† principle. This gives it flexibility of adoption among corporations of the UK. The Code has gained popularity due to its effectiveness in promoting corporate governance in the UK. According to the Code, â€Å"corporate governance is the system by which board of directors direct and control companies† (Financial Reporting Council, 2012). The main reason for corporate governance is to promote effective growth of business through prudent management, which bring the long-term success of the corporation. As a result, the Code ensures that corporations exist to serve interests of shareholders and the public.Advertising We will write a custom essay sample on Piercing the Corporate Veil: England and Wales specifically for you for only $16.05 $11/page Learn More However, the Code can only controls regulatory practices of corporations, but it cannot control their internal affairs such as acquisitions of assets or credit facilities. Thus, corporations are liable for their own d ebts. In some cases, there are exceptions regarding directors or shareholders obligations to creditors (Rogowski, 1999). Thus, creditors may seek personal assets of directors and shareholders. Given such conditions, courts may pierce the corporate veil of the corporation and hold shareholders liable for debts. Shareholders have enjoyed limited personal liabilities. This implies that such directors and shareholders are not liable for creditors (Gower Davies, 2003). Occasionally, shareholders or directors may fail to uphold financial integrity and effective corporate governance requirements. In these cases, directors or shareholders risk becoming personally liable for corporation debts. This is because creditors or the court may establish that there is no difference between the shareholder and the corporation. Theories of piercing the corporate veil The principle of piercing the corporate veil differs from one country to another. It also creates confusion in the corporate law because of the idea of limited liability. The views among corporate law scholars point to interpretations of limited liability and corporation activities when handling the corporate veil issue. Two theories exist to explain the idea of piercing the corporate veil. They also explain why courts can lift the corporate veil. First, there is the alter ego or self-theory. This theory looks at â€Å"if there is a distinctive nature of the boundaries between the corporation and its shareholders† (Forji, 2007). Second, instrumentality theory focuses on the use of a company by â€Å"its owners in ways that benefit the owner and not the corporation† (Forji, 2007). Thus, on any given case, the court shall decide which theory applies in a particular case. However, courts have not been effective in piercing the corporate veil and may only do it to achieve equitable results for both parties.Advertising Looking for essay on business corporate law? Let's see if we can help you! Get your first paper with 15% OFF Learn More Situations under which the court lift the veil of corporation Occasionally, courts may ignore the provision of limited liability and pierce the corporate veil. This applies when the court perceives that shareholders may not be different from the company. In this case, the court disregards the provision of corporations as a separate entity. Instead, it treats the two as a single entity (Payne, 1997). In English and Wales company laws, the courts insist on establishing a distinction between the business and its owners. Thus, Anglo-Saxon courts reflect on several issues before piercing the corporate veil. These may include some irregularities in the companies, in the partnership, groups, and subsidiaries. The company may be a sham, facade, or a creation of another company with intentions of facilitating evasion of fiduciary requirements. In this case, they automatically disregard the separate personality of the company in question (Bainbridge, 2001). Fraud English and Wales courts have pierced the corporate veil in cases involving fraud. In this case, a shareholder of a corporation establishes the corporation for evasion legal or fiduciary obligations. This is when the intention to create a corporation is to deny the creditors’ pre-established legal rights and refute claims. The famous case is that of Re Edelsten ex parte Donnelly. In this case, the court did not ascertain fraud of the owner of the company, who failed to take the responsibility regarding his creditors basing his decision on limited liability. This means that the court could not rule out fraud as the establishment of the business was not out of sham (Farrar, 1990). Shareholder created the company in order to protect any property acquired after bankruptcy from ending with the one of bankrupt trustees. Creditors incur unjust costs Sometimes, creditors may incur unfair costs or losses and the court may decide to pierce the veil. Unfairness may cause courts to pierce the corporate veil. The cou rt may argue that it would result to justice and fairness for the creditor. Lack of a clear separation between the entity and the owner Some business owners have failed to establish a distinction between their personal lives and their entities. In this case, the plaintiff may request the court to declare the business as a sham entity, which does not exist. Therefore, owners take personal operation of the business and are liable for debts incurred. Agency Some companies operate as corporate groups. Thus, the parent company may not be clear. Scholars argue that the parent company may conceal its identity under the agency name. The courts have argued that companies do not exist to serve the purpose of being agents for their owners. Instead, they are separate entities. The case that explains the role of agency in piercing the corporate veil is Barrow v CSR Ltd (Forji, 2007). However, it is difficult to establish that the company operates as agent to its shareholders. Thus, courts may re fuse to pierce the veil in that case. This was the case of The Electric Light and Power Supply Corporation Limited v Cormack where the court did not pierce the veil (Forji, 2007). Corporate groups The courts also do not hesitate to pierce the veil in corporate partnerships. A good example to illustrate this instance is the case of Bluecorp Pty Ltd v ANZ Executors and Trustee Co Ltd (supra). The court declared, â€Å"Inter-relationship of the corporate structure and the degree of their participation in shared enterprise with benefits reaped from steps initiated and plans executed† (Forji, 2007). Sham The court may consider a sham or a facade when lifting the corporate veil. In this case, the real plans behind the establishment of the entity are vague and may not be real. Briefly, it is something that makes false appearance, disguise, and or serves to conceal the real purpose behind its existence. The case of Sharrment Pty Ltd v Official Trustee in Bankruptcy served to explain a sham (Forji, 2007). Fraud and sham go together. Courts have maintained that an argument for a sham also depends on an argument for a fraud. This is because shareholders cannot perpetuate fraud using a legal and an existing entity. Consequences of Piercing the Corporate Veil If courts pierce the corporate veil, then the business owner become personally liable for the entity’s debts. Thus, the owner loses rights to limited liability. Instead, the creditors turn to the shareholders personal properties, homes, other investments, and bank accounts to clear their business debts. The recent arguments in the case of Gramsci and VTB Capital highlight how the judges give diverse views about piercing the corporate veil of an entity. Judges argues for or against their decisions regarding rulings of whether or not they ought to have pierced the corporate veil. Several corporate scholars review the case with increased interest to understand whether the courts have established cases of in justice and impropriety in the case. A closer look at the VTB Capital Inc. v. Nutritek International Corp The Court of England allowed for an appeal in the case of VTB, which has raised several questions regarding the legality of piercing or lifting the corporate veil. This case shall provide an opportunity for the Court to explain circumstances under which a Court can pierce the veil. It shall also demonstrate the Court’s position regarding the shareholders or directors of the company with reference to facility agreements. We have to recognise that there is no definite rule on how the case can go as the decision entirely rests with the Court. In all, this case shall set a new precedent on the doctrine of piercing the corporate veil. The impact of VTB case shall extend beyond England and Wales to other countries under the Commonwealth influence. Facts about VTB case This case comes from the failure of Russagroprom LLC (RAP) of to repay its loan to Capital (VTB). RAP acquired a loan facility in order to facilitate an acquisition of some dairy companies for Nutritek International Corporation (Nutritek). Nutritek is the defendant in this case. VTB is an English company operating as a subsidiary of the Russian Bank, JSC VTB Bank of Moscow. VTB granted a facility to RAP through a ‘Facility Agreement’ terms. They also executed many interest rate swaps (ISA). RAP is a Russian company. However, when RAP failed to service the facility, VTB saw it appropriate to sue the loan beneficiary, Nutritek. Nutritek is a Virgin Island company of England. VTB also sued two foreign affiliates of Nutritek. In addition, the list also included a Russian (Malofeev) VTB claimed as the owner and controller of the companies. VTB argued that Malofeev was the main beneficiary of the facility, owner and controller of Nutritek, its foreign affiliates, and RAP (Kain, 2012). The company first made its claims under tort. It claimed that Nutritek and other defendants were liab le for deceit or fraud and conspiracy. VTB claimed that Nutritek and its associates engaged in two acts of fraudulent activities that facilitated its entry into the facility arrangement and ISA. First, VTB claimed that Nutritek and its associates misrepresented that RAP was an independent entity with its own arm of control. Second, VTB also claimed that Nutritek and its associates misrepresented the actual value of the company to its auditors, Ernst Young Valuation Company, which conducted valuation for VTB Moscow. VTB acquired an ex parte order that allowed it serve Nutritek and its associate ex juris in 2011. Ex parte order also had a â€Å"worldwide freezing of Malofeev’s assets of US $200 million† (Kain, 2012). Nutritek’s reaction aimed at setting the orders aside. As a result, VTB realised it was appropriate to amend its claims. In this new claim, VTB claimed that Nutritek and its associates acted jointly on several occasions with RAP to disregard the Faci lity Agreement and ISA arrangements. VTB argued that, under these new claims, the Court would pierce the corporate veil of RAP. VTB based its main argument rested on the fact that the â€Å"Facility Agreement contained forum-selection and choice-of-law clauses in favour of England† (Kain, 2012). VTB claimed that the Court could consider all defendants as responsible parties to the facility under the Facility Agreement. In this case, the Court could apply â€Å"the English forum-selection clause, or base the case on the English CPR Practice Direction, which permitted service ex juris in relation to contractual claims† (Kain, 2012). Discussion of the case Judge Arnold dismissed VTB’s claims in November 2011. On the other hand, he granted the Nutritek’s motion of the service ex juris order. This also extended to the worldwide freezing of Malofeev’s assets. The judge claimed that VTB had not established whether England was the appropriate location to t ry the case. Judge Arnold maintained that even if the Court pierced the corporate veil of RAP, it could not guarantee that the legal consequences would mean that the Court could enforce the Facility Agreement and ISA against Nutritek and associates. Further, the Court reaffirmed Arnold’s ruling on June 20, 2012 at the English Court of Appeal. Lloyd argued that there was no such principle as piercing the corporate veil. However, the Judge had only one provision for VTB. It argued that the Court could look into the case based on the company’s corporate sham or facade. In this case, the Judge argued that the case of was only valid under â€Å"special circumstances, which indicate that it was a mere faà §ade concealing the true facts† (Kain, 2012). The Judge asserted that: â€Å"†¦ In cases in which that is done, the authorities show that it will or may lead to the granting of remedies against the company which, veil piercing apart, might appear in principle to be available only against those controlling it; and, equally, against the controllers when they might appear in principle to be available only against the company†Ã¢â‚¬ ¦.. (VTB Capital plc v Nutritek International Corp and others [2012] EWCA Civ 808). Lloyd also maintained that the Court had the competency and the capacity to pierce the corporate veil in case there was no other means to ensure that the company and its controllers take responsibility for their wrongdoing. Lloyd also established the following arguments from the case. First, Lloyd noted that ownership and controls of entities alone do not guarantee piercing the corporate veil. Second, the court cannot simply pierce the veil in â€Å"the interest of justice even if there is no third party in the case† (Kain, 2012). Third, the Court can â€Å"only pierce the veil on grounds of impropriety† (Kain, 2012). Fourth, there must be a connection between the use of the company’s structures in order to evade or conceal liability and the impropriety. He also notes that the company’s engagement in impropriety alone does guarantee piercing its corporate veil. Fifth, the Court argued that it was necessary to establish both an act of impropriety, control, and ownership of the entity by the offender. In this case, the offender uses the corporate to conceal the real facts with the intention of concealing impropriety. Finally, the Court also recognised that an entity could also be a sham from its inception, even if the ownership did not intend to use it for deception. Therefore, the Court agreed that it could pierce the corporate veil based on the relevant offense of fraudulent or dishonest activities involving misuse of the corporate identity in order to conceal the facts behind the corporation identity. The failed VTB’s Claims From these observations, the Court established that VTB had a case against Nutritek and its associates, and that it was proper to pierce the corp orate veil of RAP. In this sense, the issue was whether it was possible for the Court to pierce the corporate veil of RAP in order to render the defendants (Nutritek and its associates) liable for the Facility Agreement and ISA. However, VTB’s claims did not succeed on the following ground, at least, from Lloyd’s argument. According to Lloyd, after reviewing the English law, they established that they could not support the idea of granting equitable relief against the corporation or its owners beyond this. In other words, the Court could not hold the owner as an actual party to the contract. Given this view, the Court rejected claims of undisclosed principals as agents of the contract. According to the Court, VTB assumed that, under the English law, the Court could hold a party responsible to a contract because of controls or ownership. However, the Court established that none of the parties had any idea about the contract. The Court also noted that to accede to VTBâ⠂¬â„¢s claims would amount to making intrusions into the principle of law that respects contractual agreements between parties, and any other party interested in the contract. In this light, the Court noted that the case of VTB did not fall under this category and that a stranger to the contract was not liable to the contract. The Court also did not recognise the puppet entity and the controlling puppeteer. However, it was important to identify the puppet company and its owners to justify the grant of a judicial remedy when it was convenient and necessary to do so. Still, the Court could not go to the extent of treating the puppeteer and the puppet entity as the other parties because they were distinct entities. The Court noted that fulfilling this claim amounted to ignoring Salomon principles. In this context, the Court could not assume that the puppeteer and the puppet entity were party to the contract. In short, Lloyd noted that it was not proper to use the common law as VTB had suggested. In other words, the court did not recognise VTB’s claims of piercing the corporate veil of RAP in this case. Any such decision would indicate that the Court surpassed the current principle of the common law. Further, it would mean that the Court brought new parties to the contract. The Court expressed that such claims could not apply in this case because it was not the right one for such common laws. The Court viewed this case as a commercial deceit that English law could handle under tort. This implied that VTB could only make claims against defendants under tort principles for deceits and wrongful acts. Therefore, the Court claimed that there were â€Å"no policy reasons for giving the case an artificial remedy in a situation, which VTB did not need† (Kain, 2012). According to the Court, VBT merely invoked claims to support it cases because it â€Å"assumed that the English courts could assume jurisdiction in its claims† (Kain, 2012). Possible contr ibutions of the case with regard to piercing the corporate veil This case has created debates regarding the legal principle of piercing the corporate veil. Consequently, it will have significant influence among the Commonwealth states. Courts and commercial lawyers must also review their approaches with reference to this case and principle of piercing the corporate veil. This case raises some issues of fundamental interests. First, the Court established that VBT’s claims had no factual, legal, or principle basis under English common law in which the Court could lift the corporate shield of RAP. According to this ruling, the Court cannot make a controller of another entity a party to a contract of another company. In this sense, the Court observed â€Å"the principle of a separate legal entity and the law of privity of a contract† (Kain, 2012). Scholars may argue that this decision can limit England’s attraction for foreign cases involving corporate disputes. How ever, the English Court has clarified significant matters about piercing the corporate veil. This implies that the Court cannot just rule to satisfy the claims of another party. It must observe principles of common laws. Any ruling in favour of piercing the corporate veil of RAP could have created new controversies regarding the principle of corporate law. Second, if the Court could have affirmed VBT’s claims, then it would have raised issues regarding the remedies available to VBT and the position of the company’s controller with reference to separate and distinct party to the contract. Affirming these claims of VBT would mean disregarding the principle limited liability for corporation directors. Thus, the Court avoided contradict the principle of separate legal personality in the benchmark ruling of Saloman v A Saloman Co Ltd [1897] AC 22. Third, we must also note that VBT wanted the Court of England to pierce the corporate veil of a foreign company. The Court of A ppeal did not refer to RAP as a foreign company. The issue arises whether it is appropriate for the Court of England to a pierce a veil of a foreign company and the possible consequences of doing so. On the other hand, we must also note that VBT is a Virgin Island company. Thus, the Court acted under English law. However, it did not confirm the position of RAP as a foreign entity. We must also recognise careful analysis of the English law by the Court. This analysis helps commercial entities and lawyers understand circumstances under which the Court can pierce the corporate veil. Thus, it helps clear discrepancies in past rulings. For instance, in the case of Gramsci, the Court had to pierce the corporate veil. As a result, the puppeteer or the controlling mind had to bear responsibilities of the contract. In contrast to VTB case, questions arise whether the Court made a wrong judgment on the case of Gramsci. In other words, the Court did not obey the principle of separate legal ent ity of the owners. In addition, the Court’s ruling highlighted that it could only pierce the corporate veil based on the principle of equitable remedies. In this manner, the puppeteer must not evade its contractual liabilities. However, the Court could not take such action on a non-contractual puppet or puppeteer. However, this case is not over just yet. VTB applied for an appeal to the Supreme Court. This implies that new decisions on piercing the corporate veil of a corporation and its controlling minds shall emerge. Conclusion This matter raises some controversies regarding the relevancy, applicability, and effectiveness of the principle of piercing the corporate veil. In this case, the Courts should declare their positions regarding the principle of piercing the corporate veil. This is because Judge Arnold declared that there is no such principle as piercing the corporate veil. From the above examples, it is clear that the act of piercing the corporate veil is not clear. It is also controversial and will persist to be so for many years coming. The case of VTB shows that piercing a corporate veil exists only in theories. For instance, the Court noted that it was only valid under a â€Å"special circumstance, which indicates that it was a mere faà §ade concealing the true facts† (Kain, 2012). With reference to the above terms, English law does not recognise the principle of piercing the corporate veil. In addition, the use of terms like â€Å"a mere faà §ade concealing the true facts† makes VTB’s claims under piercing the corporate veil difficult. Conversely, English Courts are willing to preserve well-established and long-standing principles of common laws like the rule of corporate personality. This is exactly how the Court ruled on the case of VTB. It recognised the claim that Nutritek and its associates were independent party to the contract. Thus, were not part of the agreement consequently, had no liability over the claims . Nevertheless, we have to recognise that there are no provisions on how courts should rule on cases about piercing the corporate veil. Still, rulings may also vary from various jurisdictions. For instance, the outcome of the case could have been different in Russia where RAP has its origin. Therefore, we have to look at how courts appreciate different cases involving piercing the corporate. We can see the contradicting decisions on Gramsci and VTB cases and the merits under each case. The ruling could have different if there were direct issues like fraud, sham or facade, unfairness, corporate groups, and agency. Most courts pierce the veil based on these issues. However, the Court established that the case of VBT was a deceit with a perfect remedy under tort laws. Thus, it ignored the inappropriate conducts of the controlling mind behind the deceit. These rulings make the concept of piercing the corporate veil uncertain and not reliable for creditors. The concept is also undergoing inevitable changes. Thus, the issue persists whether Courts can go beyond injustice and impropriety. Still, we have also recognised that the English Court can only pierce the veil to grant equity to parties in dispute. This ruling also demonstrates that Courts still focus on fraud as the key requirement for piercing the veil. Reference List Bainbridge, S 2001, ‘Abolishing Veil Piercing’, J. Corp Journal of Corporate Law, vol. 26, p. 479. Farrar, J 1990, ‘Fraud, Fairness and Piercing the Corporate Veil’, Canadian Business Law Journal, vol. 16, p. 474. Financial Reporting Council 2012, Annual Reports. Web. Forji, A 2007, The Veil Doctrine in Company Law. Web. Gower Davies 2003, Principles of Modern Company Law, 7th edn, Sweet and Maxwell, London. Kain, B 2012, UK Supreme Court to Pierce the Issue of the Corporate Veil: VTB Capital Inc. v. Nutritek International Corp. Web. Payne, J 1997, ‘Lifting the Corporate Veil: A Reassessment of the Fraud Exceptio n’, Cambridge Law Journal, vol. 1997, p. 56. Pugh, C 2012, ‘United Kingdom: Piercing The Corporate Veil – Recent Developments, Mondaq Corporate Company Law, vol. 2012 , pp. 1-4. Rogowski, G 1999, Company Law in Modern Europe, Dartmouth Publication, Sudbury, MA. This essay on Piercing the Corporate Veil: England and Wales was written and submitted by user Stephanie N. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

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