The ball is in our courts: How section 20(9) of the Companies Act empowers courts to unmask corporate identity
Lucinde states that the cornerstone of South African corporate law is the separate legal existence of a company from its directors and shareholders. She adds that unless a director or shareholder signs a suretyship or guarantee in favour of the company, they cannot be held liable for its debts, except in cases of unlawful actions.
Lucinde further explains that 'piercing the corporate veil' refers not only to courts looking beyond the company's separate legal entity to hold its shareholders or directors liable but can also include collapsing a group of companies into one entity to hold all liable.
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