IS A COMPANY ALWAYS LEGALLY SEPARATE FROM ITS SHAREHOLDERS? Jones v. Lipman (1912) 1 W.L.R. 832. In this case the Defendant entered into a contract for the sale of some property to the plaintiff. Subsequently he refused to convey the property to the plaintiff and formed a company for the purpose of acquiring that property and actually transferred the property to the company. In an action for specific performance the Defendant argued that he could not convey the property to the Plaintiff as it was already vested in a third party. Justice Russell J. observed as follows the Defendant company was merely a device and a sham, a mask which he holds before his face in an attempt to avoid recognition by the eye of equity ow.ly/uTWqS
Posted on: Sat, 26 Apr 2014 07:45:21 +0000
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