The Court of Appeal in a judgment delivered on 26 October 2012 has confirmed the primacy of the corporate law principles on piercing the corporate veil, over family law principles on entitlement to assets. The majority decision relies heavily on Salomon v A Salomon.
Times Law Report here. Excerpt:
“The separate corporate identity of a company was a fact of legal life which all courts were required to recognise and respect, whatever jurisdiction they were exercising. It was not open to a court, simply because it regarded it as just and convenient, to disregard such separate identity and to appropriate the assets of a company in satisfaction either of the monetary claims of its corporator’s creditors or of the monetary ancillary relief claims of its corporator’s spouse.”