Sid Post
Platinum Member
- Joined
- May 28, 2010
- Messages
- 753
- Location
- TX and OK
- Tractor
- Massey 5711D, Kubota L4600, Kubota B2601
With Ted's, the owner, $5.5 Million lakefront mansion, how will he pay property taxes and basic upkeep? I am assuming there is a big loan on his house considering the cost but, if he was funding it out of EA Attachments proceeds and defrauded customers, there might be some action there.
Will lawyers be able to PIERCE THE VEIL?
“Piercing the veil” is a legal term that describes a situation where a court holds a corporation's shareholders or directors personally liable for the corporation's debts or actions. This is also known as “piercing the corporate veil”.
A court will only pierce the veil if it would result in an injustice. This requires more than evidence that a creditor will not get paid. It requires evidence that the corporation or LLC was used in some way to perpetrate a fraud or accomplish some other wrongful purpose.
Will lawyers be able to PIERCE THE VEIL?
“Piercing the veil” is a legal term that describes a situation where a court holds a corporation's shareholders or directors personally liable for the corporation's debts or actions. This is also known as “piercing the corporate veil”.
A court will only pierce the veil if it would result in an injustice. This requires more than evidence that a creditor will not get paid. It requires evidence that the corporation or LLC was used in some way to perpetrate a fraud or accomplish some other wrongful purpose.