Piercing the corporate veil under the new Kuwait Companies Law
Many business professionals establish their ventures under a corporate or limited liability structure in an effort to protect their personal assets from claims made by internal and/or external forces.
However, and particularly under Kuwaiti law, under certain circumstances the ability to circumvent the protection provided by the corporate veil and to hold such owners, shareholders, directors and managers personally accountable and liable has been available since the passing of the Kuwait Companies Law No 15 of 1960.
Under the Old Law, the ability to “pierce the corporate veil” revolved around actions made by leaders of a company (i.e., managers, board members) including but not limited to cheating, abuse of power, violation of constitutive documents and mismanagement. The process for filing such claims and obtaining the information to hold them accountable, however, was limited in nature…
If you are registered and logged in to the site, click on the link below to read the rest of the Al Tamimi & Company briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Al Tamimi & Company
News from The Lawyer
Briefings from Al Tamimi & Company
Corruption has a detrimental effect on any economy. It creates unfair advantages, anti-competitive practices and a generally unfavorable business environment.
The Libya Herald reported on 16 April 2013 that ‘the IMF confirmed its forecasts on Libya of 20.2 per cent GDP growth in real terms for 2013’.