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In brief

In brief


Trusts & Trustees, Vol. 16, No. 9, October 2010, pp. 688–689 Articles Piercing the veilçan American introduction Bringing trading trusts into the company line Tim Prudhoe and Jessica Notebaert This article examines aspects of those particular (and exceptional) circumstances where the courts have pierced the corporate veil, as well as the emerging trend in US jurisprudence toward looking beyond the form and instead to the actual substance of a company or corporate grouping on the question of piercing the veil. Case studies are provided on New York, Delaware, Texas and California. The article also considers the concept of reverse veilpiercing and alter-ego theory in relation to both piercing a trust and the evolution of substantive consolidation. Justice Paul Heath Since the late 1970s, a commercial trading vehicle, known as the ‘trading trust’, has developed. This article examines the extent to which trading trusts ought to be brought ‘within the company line’ by considering the distinction between companies and trusts, what trading trusts are, the trustees’ rights of indemnity and subrogation, antecedent transactions involving corporate trustees and the liability of directors of corporate trustees. g g ‘Switching assets from one shadowy hand to another’: piercing the veil of company
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