Salomon V. Salomon & Co., Ltd. in Europe

Definition of Salomon V. Salomon & Co., Ltd.

[1897] A. C. 22. Salomon sold his business to a company which he formed, the whole of the capital of which he held himself except one share each held by six members of his family. Part of the purchase price was paid by the company to s. in the form of a debenture. The company was unsuccessful and was wound up, the assets being less than the amount of the debenture. The unsecured creditors claimed that s. and the company were virtually one and the same, and that the debenture should be set aside, and the assets paid out to them. Held, that the company was a separate legal entity and s. was entitled to enforce his debenture

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Definition of Salomon V. Salomon & Co., Ltd. is, temporally, from A Concise Law Dictionary (1927). This page needs to be proofread.

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