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CORPORATE VEIL PIERCED TO ENFORCE JUDGMENTS.

The Second Department determined petitioners were properly granted summary judgment piercing the corporate (Diontech) veil to enforce judgments:

Equity will intervene to pierce the corporate veil and permit the imposition of individual liability on owners for the obligations of their corporations in order to avoid fraud or injustice … . A party seeking to pierce the corporate veil must establish that (1) the owners exercised complete domination of the corporation with respect to the transaction at issue, and (2) such domination was used to commit a fraud or wrong against the party seeking to pierce the corporate veil which resulted in the injury to that party … . The decision whether to pierce the corporate veil in a given instance will depend on the circumstances of the case … .

Here, the petitioners demonstrated their prima facie entitlement to judgment as a matter of law on so much of the petition as sought to pierce Diontech’s corporate veil by submitting evidence showing, inter alia, that the appellants dominated Diontech, that Diontech did not adhere to any corporate formalities such as holding regular meetings and maintaining corporate records and minutes, that the appellants used corporate funds for personal purposes, and that the appellants stripped Diontech of assets as they wound down the business, leaving it without sufficient funds to pay its creditors, including the petitioners… . Matter of Agai v Diontech Consulting, Inc., 2016 NY Slip Op 02646, 2nd Dept 4-6-16

CORPORATION LAW (CORPORATE VEIL PIERCED TO ENFORCE JUDGMENTS AGAINST PRINCIPALS)/CIVIL PROCEDURE (CORPORATE VEIL PIERCED TO ENFORCE JUDGMENTS AGAINST PRINCIPALS)/DEBTOR-CREDITOR (CORPORATE VEIL PIERCED TO ENFORCE JUDGMENTS AGAINST PRINCIPALS)/PIERCING CORPORATE VEIL (CORPORATE VEIL PIERCED TO ENFORCE JUDGMENTS AGAINST PRINCIPALS)

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