... a fundamental principle of company law that; "When the memorandum is duly signed and registered... The company is at law a different person altogether from the subscribers..."2 Thus, a company which has complied with the provisions contained within s13 of the Companies Act 1985 (CA 1985), is to be regarded as a distinct legal personality, giving rise to the notion of a 'veil of incorporation'. A fundamental consequence of this is that the company itself, as opposed to its members, is liable upon its debts. An advocate for economic efficiency might welcome the encouragement that this gives to public investment. Fletcher however raises several concerns; "Companies are allowed to own other companies, and the ownership of the shares of another company has led to the creation of... the corporate group. The evolution of the corporate group has generated the multinational group... The multinational that wholly owns subsidiaries has created a number ...

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