The general rule in relation to companies is that a Company is an artificial person, separate and distinct from its directors and shareholders, and neither the directors nor shareholders are personally liable for the defaults of the Company. A rigid application of this general rule, however, may sometimes cause damage to the rights of parties who deal with the corporate because its controllers may be using the corporate structure as a faade to perpetrate wrongdoing. Thus, there are various exceptions to the general rule. With the aid of decided cases and statutory provisions discuss the exceptions to the said general rule