Macaura V Northern Assurance
Adams v Cape Industries plc 1990 Ch 433 is a UK company law case on separate legal personality and limited liability of shareholders. In the following case Macaura v.
Macaura Vs Northern Assurance Co Ltd Separate Property Youtube
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. Macaura v Northern Assurance Company 1925 HoL M created a company and sold his property timber to this company. The effect of the House of Lords unanimous ruling was to uphold firmly the doctrine of corporate personality as set out in the Companies Act 1862 so that creditors of an insolvent company could not sue the companys shareholders for payment of outstanding debts. Ltd 1925 Macaura had insured an amount of timber on his land under a fire policy.
The case also addressed long-standing issues under the English conflict of laws as to when a company would be resident in a foreign jurisdiction such that the English courts would recognise the foreign courts jurisdiction over the company. Assurance Co1925 2 recognition of the separate corporate personality caused the companys director and major shareholder to suffer huge losses after he insured company property erroneously in his own name. He was the sole-shareholder.
When the timber was damaged by fire the insurers refused to meet the claim on the basis that Macaura had no insurable. Mr Macaura was the sole owner of a company he had set up to grow timber. The often cited case Macaura v Northern Assurance Co Ltd is an example of that.
That said the separate legal persona of a company is sometimes conceptualised as a veil of incorporation. The trees were destroyed by fire but the insurer refused to pay since the policy was with Macaura not the company and he was not the owner of the trees. IMPLICATIONS OF SALOMON V SALOMON.
In Macaura v Northern. Members have no interest in a companys property. Commencing with the Salomon case the rule of SLP has been followed as an uncompromising precedent 5 in several subsequent cases like Macaura v Northern Assurance Co.
He insured the timber against fire but in his own name. The owner of a timber estate sold all the timber to a company which was owned almost solely by him. Salomon v A Salomon Co Ltd 1896 UKHL 1 1897 AC 22 is a landmark UK company law case.
Enter the email address you signed up with and well email you a reset link. 6 Lee v Lees Air Farming Limited 7 and the Farrar case. On the banks instructions he insured the property.
He was the companys largest creditor. After some time the timber was destroyed in a fire and he claimed the insured the money. This decision followed the much earlier case of Macaura v Northern Assurance 1925.
After the timber was destroyed by fire the. Macaura v Northern Assurance Co Ltd 1925 AC 619. Corporate law also known as business law company law or enterprise law is the body of law governing the rights relations and conduct of persons companies organizations and businessesThe term refers to the legal practice of law relating to corporations or to the theory of corporationsCorporate law often describes the law relating to matters which derive directly.
Then he filed for insurance of the timber in his own name and not in the name of the company. He was the owner and sole shareholder of the company but his Insurable interest only extended to the value of the shares in the company and he could not recover when the property was damaged. He had already sold the timber to a company of which he was the only shareholder.
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