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6 Found helpful • 7 Pages • Essays / Projects • Year: Pre-2021
The doctrine of SLP as a ‘two-edge sword’ is aptly ascribed by legal commentators in defining the limited liability of shareholders and the limited ability of creditors to seek any recourse from shareholders personally. As a result, courts and the Legislature have acted to mitigate the imbalance of these rights. As noted earlier, although Australian courts are currently reluctant to pierce the corporate veil in situations other than in statutory breaches, this does not denote that this position is immutable. Further willingness by courts to pierce the corporate veil is imperative and remains to be seen in subsequent cases. This is in order to potentially limit those members who control the company and who look to be fraudulently shielded by the veil, escaping personal liability and relying on this ‘two-edge sword’.
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