Reference no: EM1338886

Explain Askew View Corp

Askew View Corporation was forced into bankruptcy by its creditors. The stock of the corporation was held exclusively by Steven Keith and his 12 year old son. Askew View Corp. was incorporated primarily for the purpose of limiting liability of Keith, who is engaged in the distribution of movies and music electronically via the Internet. Askew View Corporations initial capitalization proved inadequate in light of unexpected business losses. Keith owns 98% of the shares of Askew View. Keith has informally withdrawn his monthly salary from the corporate income and has also used such income to pay his child support obligation and build his collection of Maserati sports cars.

What elements do the creditors of the Askew View corporation need to show to be successful in their attempt to "pierce the corporate veil" and recover from Keith personally for alleged corporate debts? Why?

Your response should be at least 200 words in length. All sources used