BLAW 308 Lecture Notes - Lecture 12: Novation, Commingling, Fiduciary
Document Summary
Don"t pay attention to the percentages by your grade, he curves and its not accurate rlly. Didn"t have enough money to pay the creditor. That company also owns a few corporations, and is owned by a corporate. Thin capitalization is an improper purpose (that is when a shareholder gives the company a loan instead of capital, and screws creditors by saying we don"t have capital its a loan) When there"s not enough left for creditors but the dominating shareholder did. Commingling, thin capitalization, domination, no something wrong? dividends, insolvency, siphoning away of assets by domination. Main point is that you have to have done something wrong to pierce the corporate veil. It has to be like fraud though, just forgetting to file a foreign certificate of authority isn"t enough. Went over this part again because it will be on the quiz: To create a corp last class look ^^) Promoter files articles of incorporation(dont forget they have fiduciary duties)
