Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › F4 GLO – Lifting the veil
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MikeLittle.
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- April 27, 2019 at 2:58 pm #514320
Dear Tutor,
I have a question ?
Where a disqualified director participates in the management of a company. – Is it a necessary circumstances to lift the veil of incorporation ?
April 27, 2019 at 5:59 pm #514329I’m not fully sure where your question is leading
However, where a person acts as a director, even though they may still be subject to a disqualification order, I believe that their punishment is jail time for contempt of Court
As for the position with reference to any contracts into which they have entered on behalf of the company … my understanding is that the company would still be liable to any innocent third party
OK?
April 27, 2019 at 6:18 pm #514335I want to know that if disqualified director participates in the management of a company, is it a reason for lift the veil of incorporation.
April 28, 2019 at 6:15 am #514400Why would the Court wish to lift the veil? For what reason? The rationale for lifting the veil is to find who are the beneficial owners of a company or to discover the identity of those that control the company
I don’t see the relevance of the disqualification of a director being any reason to lift the veil
OK?
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