The Duty of Good Faith and the Corporate Veil

The purpose of this paper is to look at the insurance law duty of disclosure and the corporate veil in the context of project finance. The potential conflict between the two is well illustrated if you imagine a scenario where a group of sponsors sets up a limited liability Special Purpose Vehicle (SPV) to carry out a project. The question then arises whether the duty of disclosure will be able to reach behind the corporate veil and catch the people behind the SPV, i.e. the sponsors. I conclude that the duty of disclosure will be able to transcend the corporate veil.

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