Company law - Saloman v. Saloman - a little help?

Ideo

I have to take a law for accountants course for my postgrad and im having a bit of trouble with the saloman case.

Now I understand the case but for the last few years a question has been asked ''explain and discuss the decision in the saloman's case, and explain four of the major exceptions thereto, refering in your asnwer to decided irish cases where relevant.''

Its not the case that case that I'm confused about but the 'four major exceptions'.

Well, what exactly are they? I presume one is lifting the corporate veil?? but what are the other 3?!

I'm really a bit stumped and would appreciate any help if its on offer?!

Tom Young

Legal concepts as a result of this case are many and varied.

Its all about the veil and separation of the legal personality.

The four you need to know in term of the affect of the case are:

1. The ability of the firm to sue and be sued (Case: Lee v Lee's Air Farming);
2. Transfer of property (Farrar v Farrar's Ltd);
3. Insurable interests (Macaura v Northern Trust Assurance Co Ltd); and
4. Compensation (O'Neill v Ryan et al)

In relation to other aspects or exception where the corporate veil will be lifted or pierced:

The arm which lifts the corporate veil must always be that of justice.

a) Human Characteristics
b) Fraud / avoidance of legal duty
c) Agency
d) Single economic Entity
e) Trust Co.
f) Court injunctions & Orders

Ideo

Thank you!

I was aware of the Lee and Macaura cases but I was just having trouble tieing them with the case. That clears it all up for me however so thanks!