LIFTING THE VEIL OF INCORPORATION AS

PROVIDED FOR UNDER CAMA 2004

• Why lift the veil, bearing in mind the
underlying issue of corporate personality
which the company enjoys and is rightly
entitled to. Recall that the corporate
personality doctrine is variously and
diversely established by CAMA 2004
especially as regards the objectives and
the functionality of the corporate entity.
• Hence, ordinarily third parties can only
hold the corporate entity liable for its
actions.
• This dimension further reinforces the
legal principle that the company is a
separate legal entity
• It is noteworthy, that corporate
personality does not preclude outsiders
from citing certain facts about the
company.
• These will include; membership, officers,
share holding profile , constitution, share
capital value and source.
• Lifting the veil allow the corporate
shell to be cracked and personal
liability thus attaches to the
members or directors for the
activities of the company
SPECIFIC INSTANCES PROVIDED FOR IN CAMA
2004
• Reduction of members
• Misdescription
• Fraudulent Purposes
• All these matters are provided for
statutorily hence, a basis to the lift to
corporate veil in cases of breach