Alex and Bob are both members of the same bowling club and often meet for drinks. Alex is a chartered accountant, and Bob is a truck driver. Alex was declared bankrupt in 2010.

In 2011, Alex arranged for the incorporation of Property Investment Ltd (PIL). He asked Bob to be the sole shareholder and director. He told Bob that if Bob helped Alex in this way, he would get a good credit rating, which would enable him to obtain cheaper loans in the future. Alex said Bob could be a letterhead, while Alex would run the company. Bob agreed, and PIL was duly incorporated, with its registered office at Alex's residential address. Whenever any issues arose in relation to the company, Bob would refer them to Alex, who would look after them. Bob would also sign any document whenever Alex asked him to.

In 2012, PIL acquired the property. Soon after, Alex was convicted of fraudulently obtaining bank funds for the purchase of the property. A higher sale price was falsely shown on the purchase agreement, and as a consequence, a mortgage in excess of the actual purchase price was obtained from a bank. In 2022, Alex was declared bankrupt for the second time. The Official Assignee issued proceedings seeking a declaration that the interest of PIL in the property belongs to Alex. One of their arguments was that the corporate veil should be lifted.

Required: Provide an outline IRAC analysis considering whether lifting of the corporate veil is appropriate in this case.