Piercing the Corporate Veil - Piercing the Corporate ..

Legislation and courts nevertheless sometimes "pierce the corporate veil" so as to hold the shareholders personally liable for the liabilities of the corporation....

Piercing the Corporate Veil Essay - 2817 Words
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In such a situation, where the corporation is being used to protect a wrongdoer from liability for his or her actions, the courts will reach behind the curtain – piercing the corporate veil – in order to hold accountable the individual or individuals who are abusing this legal privilege for their own ends. The result of an act by the court to pierce the corporate veil will be that the individuals running the company, and in many cases, the shareholders of the company as well, will be subject to the liability to those who have been wronged by the company. However, while in a typical corporation, it would be the corporation itself that would be liable for any damages, in the instance of a company that has been legally “pierced,” the corporation will be disregarded and its constituent members will be held personally liable. Or in other words, even though a corporation has been legally formed, courts will hold the officers, directors, and shareholders personally liable for corporate obligations.

Piercing the Corporate Veil | Business Articles & Essays

Generally, it is the creditors, and sometimes, the shareholders, who are successful in piercing the corporate veil.
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The Klemperer recording wasn't the first Mahler Fourth by the Philharmonia Orchestra of the old era with Walter Legge producing. As early as 1957 Paul Kletzki had made a version which Legge must have felt was going to be hard to equal, even with Klemperer (Royal Classics ROY6468). This must be at the top of the list for bargain hunters as well as a contender irrespective of price. It has always been a favourite of mine and I've always felt it has been overlooked because Kletzki is not a conductor usually associated with Mahler and was never one of the big names. He does superbly well and is supported by an orchestra which, at the time, was at the height of its considerable power. Some would say their response is not Mahlerian enough and I suppose I can see what they mean, but the gains they bring to their account are remarkable and, like the Concertgebouw of 1939, bring us a style of playing now lost. Straight away there is more lift to the first movement than with Klemperer, more bounce and optimism to aid the jocund woodwind - "Legge's Royal Flush", as they were known. Kletzki seems determined to press forward, accentuating a more spiky feel, less likely to lay back and contemplate. In the development this is even more in evidence where the principal horn of Dennis Brain makes a wonderful impression. More details beguile us including the shrieking clarinets as the point of crisis approaches. I think this recording has an almost ideal sound balance for home listening with every detail clear. Though a little age is betrayed by a touch of harshness at the climax even though I loved the tam-tam being allowed full rein. This is followed by a remarkable similarity between the textures of this section and the music of the Third Symphony's third movement, something no other conductor but Kletzki seems to have noticed. An illuminating touch from the conductor, but I think Kletzki draws more out of the textures of this movement generally than Klemperer and can't help but wonder whether Legge realised this. There is a rather veiled quality to Kletzki's account of the second movement which is quite appropriate and refreshing. This isn't at the expense of important details since you can hear the clarinet really chuckling, showing us Kletzki is well aware of the humour in the music that is so often forgotten in the "It's Mahler so it must be depressing or ironic" school of thought. The more inner quality is apparent in the slow movement which emerges as deeply felt and noble with a hint of tragedy. Kletzki’s soprano is Emmy Loose who seems far better suited to this symphony than does Elizabeth Schwarzkopf bringing a more child-like and wide-eyed approach that is more appropriate.