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China Ocean Shipping Company Case Summary

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(a) Owing to the limited liability, shareholders or directors of a company will not be liable for the debts incurred by the company in the course of its business. It is much easier for a company to raise finance for business because unlike a sole proprietorship or partnership it can issue additional shares to existing shareholders or to new shareholder. Also a company is allowed to issue debentures or execute floating charges to borrow money. The life or continuity of the company will not be affected by the death or bankruptcy of a shareholder or director of a company because of its characteristic of perpetual succession. Moreover, company’s ownership can still be changed relatively easily without disrupting the operation of the company although there are restrictions on the transfer of shares in a private company. Last but not least, as private company can have up to 50 shareholders and attract potential investor to become shareholders because of the protection of limited liability, it is easier for a private company to expand its business. However, there are several disadvantage of private company as well. There will be large formation costs and formalities expenses generate by a number of formalities, such as preparation of the constitutional document of the company; payment of the …show more content…

Disputes arose between the parties and resulted in an arbitration award by which Mitrans Panama was ordered to pay damages to the plaintiff. Because of Mitrans Panama’s failure to pay the damages, the plaintiff sought payment from the defendant, a Hong Kong company associated with Mitrans Panama. The plaintiff claimed that the veil of incorporation between Mitrans Panama and the defendant ought to be lifted. Mitrans Panama just acted as a façade for the defendant to evade its legal obligations to the

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