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Company Law

Company Law (6th edn)

Brenda Hannigan
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date: 25 September 2022

p. 353. Corporate personalitylocked

p. 353. Corporate personalitylocked

  • Brenda HanniganBrenda HanniganProfessor of Corporate Law, Law School University of Southampton

Abstract

This chapter discusses the concept of corporate legal personality. This fundamental principle of company law—that the company on incorporation becomes a separate legal entity in its own right—was established by the House of Lords in Salomon v Salomon & Co Ltd. The Salomon principle and its consequences for individual companies and for groups of companies are considered. In limited circumstances, the court may disregard or pierce or lift the corporate veil and the narrow jurisdiction to do so is explained. The chapter also considers corporate groups in the light of Salomon, particularly with regard to the liability of parent companies for the actions of subsidiary companies.

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