Which of the following is CORRECT?

Which of the following is CORRECT?

(i) A company limited by shares is a legal person separate and distinct from those who own and manage the company

(ii) If the company structure is used as a mere façade for fraudulent purposes the company but not the directors or shareholders can be held liable

(iii) If the company has carried on business despite the fact that insolvency appeared inevitable the directors may be personally liable for the debts contracted.
A . (i) only
B . (i) and (ii) only
C . (i) and (iii) only
D . (ii) and (iii) only

View Answer

Answer: C