Explain the different approaches to piercing the corporate

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Question: It appears that Kim and Khloe, who are both directors of Wonky Limited, have misused the separate legal personality of the company. Noddy, who has entered into business dealings with Wonky Limited and who has suffered a loss as a result of the misuse of the
company's separate legal personality, wishes to hold Kim and Khloe accountable. Explain the different approaches to piercing the corporate veil as per the common law on the one hand, and the Companies Act 71 of 2008 on the other.
Question:
Advise X, Y and Z about the implications of incorporating a company under South African law. In your advice to the three cousins, also explain the advantages of incorporating a company generally, over any other form of business that you have studied in Corporate Law.

Reference no: EM133460322

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