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Kosmopoulos V Constitution Insurance Co Of Canada
''Kosmopoulos v Constitution Insurance Co of Canada'' is a leading Supreme Court of Canada decision on the court's ability to pierce the corporate veil—to impose an interest or liability, that is, upon the shareholders of a company instead of the company itself. It was held that the veil can only be lifted where it would be "just and equitable", specifically to third parties. The case is also a leading source of insurance law. The insurer refused to indemnify Mr. Kosmopoulos on the grounds that the corporation owned the property, even though he was the sole-shareholder of the corporation. The insurer's position was consistent with the 1925 decision of the House of Lords in ''Macaura v Northern Assurance Co Ltd''. Although the SCC rejected the plaintiffs corporate veil argument, and his bailee argument, the court did not uphold the ''Macaura'' rule. The ratio of this case is that an insured may recover an indemnity so long as they meet the factual expectancy test, regardless of whe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Canada
The Supreme Court of Canada (SCC; french: Cour suprême du Canada, CSC) is the Supreme court, highest court in the Court system of Canada, judicial system of Canada. It comprises List of Justices of the Supreme Court of Canada, nine justices, whose decisions are the ultimate application of Canadian law, and grants permission to between 40 and 75 litigants each year to appeal decisions rendered by provincial, territorial and federal Appeal, appellate courts. The Supreme Court is bijural, hearing cases from two major legal traditions (common law and Civil law (legal system), civil law) and bilingual, hearing cases in both Official bilingualism in Canada, official languages of Canada (English language, English and French language, French). The effects of any judicial decision on the common law, on the interpretation of statutes, or on any other application of law, can, in effect, be nullified by legislation, unless the particular decision of the court in question involves applicatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pierce The Corporate Veil
Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. Usually a corporation is treated as a separate legal person, which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed. Common law countries usually uphold this principle of separate personhood, but in exceptional situations may "pierce" or "lift" the corporate veil. A simple example would be where a businessman has left his job as a director and has signed a contract to not compete with the company he has just left for a period of time. If he sets up a company which competed with his former company, technically it would be the company and not the person competing. But it is likely a court would say that the new company was just a "sham" or a "cover"; and that as the new company is completely owned and controlled by one person that the former employee is deliberate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Law
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise. History The earliest form of insurance is probably marine insurance, although forms of mutuality (group self-insurance) existed before that. Marine insurance originated with the merchants of the Hanseatic league and the financiers of Lombardy in the 12th and 13th centuries, recorded in the name of Lombard Street in the City of London, the oldest trading insurance market. In those early days, insurance was intrinsically coupled with the expansion of mercantilism, and exploration (and exploitation) of new sources of gold, silver, spices, furs and other precious goods - including slaves - from the New World. For these merchant adventurers, insurance was the "mean ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macaura V Northern Assurance Co Ltd
''Macaura v Northern Assurance Co Ltd'' 925AC 619 appeared before the House of Lords concerning the principle of lifting the corporate veil. Unusually, the request to do so was in this case made by the corporation's owner. Facts Mr Macaura owned the Killymoon estate in County Tyrone, Northern Ireland. He sold the timber there to Irish Canadian Sawmills Ltd for 42,000 fully paid up £1 shares, making him the whole owner (with nominees). Mr Macaura was also an unsecured creditor for £19,000. He got insurance policies - but in his own name, not the company's - with Northern Assurance covering for fire. Two weeks later, there was a fire. Northern Assurance refused to pay up because the timber was owned by the company, and that because the company was a separate legal entity, it did not need to pay Mr Macaura any money. Judgment The House of Lords held insurers were not liable on the contract, since the timber that perished in the fire did not belong to Mr Macaura, who held the insu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salomon V
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Salomon may refer to: People * Salomon (given name) * Salomon (surname) Companies * Salomon Brothers, a former investment bank, now a part of Citigroup * Salomon Group, a company manufacturing sporting equipment (which was a part of Adidas-Salomon AG) Other uses * Salomon Islands, an atoll of the British Indian Ocean Territory See also * Haym Salomon Nursing Home, named in honor of Haym Salomon, located in Brooklyn, NY * Salomo (other) * Soloman (other) * Solomon (other) Solomon (Shlomo '' he, שלמה, link=no'') is a figure identified in the Old Testament (Hebrew Bible) as the king of Israel, and the son of King David. Solomon may also refer to: Music * ''Solomon'' (Boyce), a 1742 serenata by Boyce * ''Solomon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act 1862
The Companies Act 1862 (25 & 26 Vict. c.89) was an Act of the Parliament of the United Kingdom regulating UK company law, whose descendant is the Companies Act 2006. Provisions *s 6 'Any seven or more persons associated for any lawful purpose may, by subscribing their names to a memorandum of association, and otherwise complying with the requisitions of this Act in respect of registration, form an incorporated company, with or without limited liability.' *s 8 'Where a company is formed on the principle of having the liability of its members limited to the amount unpaid on their shares, hereinafter referred to as a company limited by shares, the Memorandum of Association shall contain the following things' the third of which was 'objects for which the proposed company is to be established.' *s 11 'The memorandum of association... shall, when registered, bind the company and the members thereof to the same extent as if each member had subscribed his name and affixed his seal thereto, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Business Corporations Act
The ''Canada Business Corporations Act'' (CBCA; french: Loi canadienne sur les sociétés par actions) is an act of the Parliament of Canada regulating Canadian business corporations. Corporations in Canada may be incorporated federally, under the CBCA, or provincially under a similar provincial law. Background The act was legislated based on a report by a task force organized in 1967 to provide the first comprehensive review of federal corporate law since 1934. It received royal assent on 24 March 1975, and came into force on 15 December 1975. It provides the basic corporate governance framework for many small and medium-sized Canadian enterprises as well as many of the largest corporations operating in Canada. Nearly 235,000 companies are incorporated under the act, including over 700 distributing or publicly held corporations. CBCA corporations make up approximately 50 percent of Canada's largest publicly traded business corporations. As of June 25, 2019, the act was amende ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lift The Corporate Veil
Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. Usually a corporation is treated as a separate legal person, which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed. Common law countries usually uphold this principle of separate personhood, but in exceptional situations may "pierce" or "lift" the corporate veil. A simple example would be where a businessman has left his job as a director and has signed a contract to not compete with the company he has just left for a period of time. If he sets up a company which competed with his former company, technically it would be the company and not the person competing. But it is likely a court would say that the new company was just a "sham" or a "cover"; and that as the new company is completely owned and controlled by one person that the former employee is deliberate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Lords
The House of Lords, also known as the House of Peers, is the Bicameralism, upper house of the Parliament of the United Kingdom. Membership is by Life peer, appointment, Hereditary peer, heredity or Lords Spiritual, official function. Like the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. The House of Lords scrutinises Bill (law), bills that have been approved by the House of Commons. It regularly reviews and amends bills from the Commons. While it is unable to prevent bills passing into law, except in certain limited circumstances, it can delay bills and force the Commons to reconsider their decisions. In this capacity, the House of Lords acts as a check on the more powerful House of Commons that is independent of the electoral process. While members of the Lords may also take on roles as government ministers, high-ranking officials such as cabinet ministers are usually drawn from the Commons. The House of Lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Supreme Court Of Canada Cases
The Supreme Court of Canada is the court of last resort and final appeal in Canada. Cases that are successfully appealed to the Court are generally of national importance. Once a case is decided the Court will publish written reasons for the decision that consist of one or more reasons from any number of the nine justices. Understanding the background of the cases, their reasons and the authorship can be important and insightful as each judge may have varying beliefs in legal theory and understanding. List of cases by Court era * List of Supreme Court of Canada cases (Richards Court through Fauteux Court): This list includes cases from the formation of the Court on April 8, 1875, through to the retirement of Gérald Fauteux on December 23, 1973. * List of Supreme Court of Canada cases (Laskin Court): This list includes cases from the rise of Bora Laskin through to his death on March 26, 1984. * List of Supreme Court of Canada cases (Dickson Court): This list includes cases from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Canada Cases
The Supreme Court of Canada is the court of last resort and final appeal in Canada. Cases that are successfully appealed to the Court are generally of national importance. Once a case is decided the Court will publish written reasons for the decision that consist of one or more reasons from any number of the nine justices. Understanding the background of the cases, their reasons and the authorship can be important and insightful as each judge may have varying beliefs in legal theory and understanding. List of cases by Court era * List of Supreme Court of Canada cases (Richards Court through Fauteux Court): This list includes cases from the formation of the Court on April 8, 1875, through to the retirement of Gérald Fauteux on December 23, 1973. * List of Supreme Court of Canada cases (Laskin Court): This list includes cases from the rise of Bora Laskin through to his death on March 26, 1984. * List of Supreme Court of Canada cases (Dickson Court): This list includes cases from t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Corporate Case Law
Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of their being ''Canadian''. Canada is a multilingual and multicultural society home to people of groups of many different ethnic, religious, and national origins, with the majority of the population made up of Old World immigrants and their descendants. Following the initial period of French and then the much larger British colonization, different waves (or peaks) of immigration and settlement of non-indigenous peoples took place over the course of nearly two centuries and continue today. Elements of Indigenous, French, British, and more recent immigrant customs, languages, and religions have combined to form the culture of Canada, and thus a Canadian identity. Canada has also been strongly influenced by its linguistic, geographic, and e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
