Unlike in Zubrowka, in NZ, the existence of a company can be challenged in court even after its registration through the concept of: Piercing the corporate veil: Allows courts to disregard the separate legal personality of a company when the company is used as a faade for fraudulent activities or improper purposes . Directors personal liability: If a director breaches duties, they can be held personally liable. Fraudulent or Wrongful Trading: Directors can be personally liable for company debts if they continue trading while the company is insolvent, worsening the creditors' position. shorten