Substantive consolidation under statute law: lessons from Australia

Thomson Canada
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Annual Review of Insolvency Law 2008, 2009, 1, pp. 541 - 568
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The principle that a corporation is a separate legal entity from its owners and managers is, together with the principle of limited liability given to registered corporations, a cornerstone of the modern capitalist system. Business corporations have grown from small entrepreneurial enterprises to large complex organizations controlling vast sums of money and resources. The purpose of this paper is not to question the validity or appropriateness of the separate legal entity principle but rather to examine the difficult questions that may arise when that principle is applied to an insolvent corporate group.
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