The recent collapse of banks and financial institutions in Ghana is an indication that companies and institutions are not complying with the statutory provisions and requirements. While some have called for the persons behind the collapse of these institutions to be held liable and therefore face trial either criminal or civil or both, others are of the opinion that the Regulatory institutions and ultimately government should be blamed for this series of unfortunate events. Examine the instances under which there should be a lifting of the corporate veil using some of the banks and financial institutions as a case study and drawing from the report of the Regulatory agencies that dealt with this matter.