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There is a very unique relationship between an 'Incorporated Company' and its Directors. The law recognises that when a company goes insolvent the company itself is responsible for the debts accrued not the Company's members. However, the judiciary or the legislature1 may "lift the veil of incorporation" in circumstances such as illegality, fraud, oppression or sharp practice. The essential requirements to becoming a company are set out in s.10 (2) of the Companies Act 1985. They require a statement of particulars of the Director/s and Secretary, a registered office address for correspondence and a declaration of compliance. Once all these have been given to the Companies House, the 'Company' will receive a statement of incorporation. When a business becomes incorporated then it has its own corporate personality. Shareholders in that company become the Company's members. The directors then have fiduciary duties and statutory duties forced upon them. A Director, for the...

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