The assignment is a research essay requiring the discussion, analysis and application of legal principles and significant cases (precedents) which are relevant to scenarios likely to be encountered by accountants in a corporate context. You are expected to â€˜go beyondâ€™ the textbook and use the library to locate, assess, analyse and discuss both primary and secondary sources of law.
Preparation: Read Text Book / Complete Tutorial Questions. Aspects of the material covered in various weeks/chapters will be relevant and useful for background knowledge - the focus of the research essay is acquiring and exercising basic legal skills in context.
â€˜Ever since the House of Lords handed down its decision in Salamon v Salamon & Co Ltd  AC 22 it has been recognised that an inflexible application of the concepts of separate entity and limited liability, with all that they imply, can result in undesirable consequencesâ€™. (Lipton, P, Herzberg, A, & Welsh, M. (2014) Understanding Company Law, 17th ed, Thomson Reuters, [2.110]) Discuss the above statement by specific references to statute, case law and secondary sources. In your answer consider the concept of the corporate veil, when the corporate veil will be lifted by Australian courts, and if the current approach is appropriate in todayâ€™s context