Lifting the Corporate Veil for Directors and Shareholders’ Liability: Matters Arising

The doctrine of lifting the corporate veil constitutes exception to concept legal personality, but ambit and appropriate circumstances in which it should apply are contested both case law jurisprudence. It is far from settled when can be lifted, no clear guiding principles have emerged United Kingdom other common jurisdictions such as Nigeria. In recent time, however, authoritative decision UK Supreme Court Prest v Petrodel Resources Ltd introduced new ‘‘evasion’’ ‘‘concealment’’. Matters significance do arise decision. For instance, drawing distinctions between ‘‘concealment’’ did not clarify beyond confusion factual would necessary. this article, we examine on has evolved through centuries. From a jurisprudential analysis judgment , matters arising proffer key suggestions towards striking optimum balance personality veil. Keywords: Corporate Lifting veil, Petrodel, Limited Liability, Separate Legal Personality DOI: 10.7176/JLPG/120-06 Publication date: April 30 th 2022