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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] |
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] |
Lifting 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 Corporate personhood, 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 em ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
County Tyrone
County Tyrone (; ) is one of the six Counties of Northern Ireland, counties of Northern Ireland, one of the nine counties of Ulster and one of the thirty-two traditional Counties of Ireland, counties of Ireland. It is no longer used as an administrative division for local government but retains a strong identity in popular culture. Adjoined to the south-west shore of Lough Neagh, the county covers an area of and has a population of about 177,986; its county town is Omagh. The county derives its name and general geographic location from Tír Eoghain, a Gaelic kingdom under the O'Neill dynasty which existed until the 17th century. Name The name ''Tyrone'' is derived , the name given to the conquests made by the Cenél nEógain from the provinces of Airgíalla and Ulaid.Art Cosgrove (2008); "A New History of Ireland, Volume II: Medieval Ireland 1169-1534". Oxford University Press. Historically, it was anglicised as ''Tirowen'' or ''Tyrowen'', which are closer to the Irish pronunci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Northern Ireland
Northern Ireland ( ga, Tuaisceart Éireann ; sco, label= Ulster-Scots, Norlin Airlann) is a part of the United Kingdom, situated in the north-east of the island of Ireland, that is variously described as a country, province or region. Northern Ireland shares an open border to the south and west with the Republic of Ireland. In 2021, its population was 1,903,100, making up about 27% of Ireland's population and about 3% of the UK's population. The Northern Ireland Assembly (colloquially referred to as Stormont after its location), established by the Northern Ireland Act 1998, holds responsibility for a range of devolved policy matters, while other areas are reserved for the UK Government. Northern Ireland cooperates with the Republic of Ireland in several areas. Northern Ireland was created in May 1921, when Ireland was partitioned by the Government of Ireland Act 1920, creating a devolved government for the six northeastern counties. As was intended, Northern Ireland ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fire
Fire is the rapid oxidation of a material (the fuel) in the exothermic chemical process of combustion, releasing heat, light, and various reaction Product (chemistry), products. At a certain point in the combustion reaction, called the ignition point, flames are produced. The ''flame'' is the visible portion of the fire. Flames consist primarily of carbon dioxide, water vapor, oxygen and nitrogen. If hot enough, the gases may become ionized to produce Plasma (physics), plasma. Depending on the substances alight, and any impurities outside, the color of the flame and the fire's Intensity (heat transfer), intensity will be different. Fire in its most common form can result in conflagration, which has the potential to cause physical damage through burning. Fire is an important process that affects ecological systems around the globe. The positive effects of fire include stimulating growth and maintaining various ecological systems. Its negative effects include hazard to life and pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Buckmaster
Stanley Owen Buckmaster, 1st Viscount Buckmaster, (9 January 1861 – 5 December 1934) was a British lawyer and Liberal Party politician. He was a Member of Parliament (MP) for most of the years from 1906 to 1915, when he was elevated to the peerage and served as Lord Chancellor under H. H. Asquith from 1915 to 1916. Background and education Buckmaster was born on 9 January 1861 to John Charles Buckmaster, of Ashleigh, Hampton Wick, by his wife Emily Anne Goodliffe. His father began life as an agricultural labourer, and rose to teach chemistry at the Imperial College of Science and Technology. He was educated at Aldenham School and Christ Church, Oxford, where he took second class honours in mathematics. He was called to the Bar in 1884 at the Inner Temple. Beginning with a general practice on the Midland circuit, he eventually came to acquire a large Chancery practice. He was appointed King's Counsel in April 1902. The same year he joined Lincoln's Inn. Political career At ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Hamilton, 1st Viscount Sumner
John Andrew Hamilton, 1st Viscount Sumner, (3 February 1859 – 24 May 1934) was a British lawyer and judge. He was appointed a judge of the High Court of Justice (King's Bench Division) in 1909, a Lord Justice of Appeal in 1912 and a Lord of Appeal in Ordinary (''Law Lord'') in 1913. Created a life peer as Baron Sumner in 1913, he was further honoured when he was granted a hereditary peerage as Viscount Sumner in 1927. Background and education Hamilton was born in Chorlton-upon-Medlock, Lancashire, the second son of Andrew Hamilton, an iron merchant of Manchester, and his wife, Frances, daughter of Joseph Sumner. He was baptised at the Church of St Wilfrid, Northenden. Hamilton was educated at Manchester Grammar School and Balliol College, Oxford. In 1883, he was called to the bar, Inner Temple. Hamilton was a Fellow of Magdalen College, Oxford, for seven years from 1892 and was nominated an honorary fellow in 1909. He received an Honorary Doctorate of Laws by the University ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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] |
Attorney General Of Belize V Belize Telecom Ltd
is a judicial decision of the Privy Council in relation to contract law, company law and constitutional law. It concerns the correct method for interpretation and implication of terms into a company's articles of association. It was approved by the UK Supreme Court in '' Société Générale, London Branch v Geys'' and ''Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Ltd''. Facts In 1989 Belize privatised its telecommunications network. Established the year after independence in 1974, the Belize Telecommunications Authority's business and assets were transferred to a corporation called Belize Telecommunications Ltd (renamed Belize Telemedia in 2007). The government was to gradually sell off its shares, but in the process retain a "special share" (often called a golden share). According to the company's constitution, among various rights over important transactions, the special shareholder could appoint two of the eight directors. Class "B" shareh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lee V Lee’s Air Farming
''Lee v Lee's Air Farming Ltd'' 960UKPC 33is a company law case from New Zealand, also important for UK company law and Indian Companies Act 2013, concerning the corporate veil and separate legal personality. The Judicial Committee of the Privy Council reasserted that a company is a separate legal entity, so that a director could still be under a contract of employment with the company he solely owned. Facts Catherine Lee's husband Geoffrey Lee formed the company through Christchurch accountants, which worked in Canterbury, New Zealand. It spread fertilisers on farmland from the air, known as top dressing. Mr Lee held 2999 of 3000 shares, was the sole director and employed as the chief pilot. He was killed in a plane crash. Mrs Lee wished to claim damages of 2,430 pounds under the ''Workers' Compensation Act 1922'' for the death of her husband, and he needed to be a 'worker', or 'any person who has entered into or works under a contract of service... with an employer... whether ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Tort Case Law
English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national identity, an identity and common culture ** English language in England, a variant of the English language spoken in England * English languages (other) * English studies, the study of English language and literature * ''English'', an Amish term for non-Amish, regardless of ethnicity Individuals * English (surname), a list of notable people with the surname ''English'' * People with the given name ** English McConnell (1882–1928), Irish footballer ** English Fisher (1928–2011), American boxing coach ** English Gardner (b. 1992), American track and field sprinter Places United States * English, Indiana, a town * English, Kentucky, an unincorporated community * English, Brazoria County, Texas, an unincorporated community * Engli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
