On 15 April 2015, Ambreen Ashfaq [LL.M. (Saarland); Advocate; Lecturer, UMT School of Law and Policy] gave an interactive talk on piercing the corporate veil. The participants comprised of law students.
Ms. Ashfaq began by asking questions regarding limited liability and she moved on to elaborate the concept of a corporation as a separate judicial person. The speaker explained to the students that shareholders as a general rule cannot be held liable to pay company’s debt from their own personal assets or accounts. The discussion then moved onto to the advantages of having limited liability and the formulation of this doctrine through the landmark case of Saloman. A detailed comparative perspective was also given to the students to provide them with a better understanding of the topic. This was done through the discussion of important cases.
Towards the end of the talk, the speaker gave a detailed description of the situation in Pakistan.
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