I propose to take Questions Nos. 144 and 148 together.
The duties and responsibilities of directors are set out in Parts 4 and 5 of the Companies Act 2014. As provisional liquidators have been appointed by the High Court to one of the companies referred to by the Deputy, and they operate under the jurisdiction of the Court, it would not be appropriate for me to comment on the matters concerned at this stage.
While there is long established case law that a company is a separate legal entity from its members, there is also case law in which the courts have lifted or pierced the corporate veil under both common law and statue law where it is considered just and equitable to do so.
The Companies Act 2014 provides that the courts can pierce the corporate veil, for example, under sections 599 (related company may be required to contribute to debts of a company being wound up) and section 600 (pooling of assets of related company).
Company law is under continuing review, particularly through the work of the Company Law Review Group (CLRG). Its current Work Programme 2014-2016, which is available on its website www.clrg.org , includes items on receivers, examinerships and winding up.
