Walker v Wimborne [1976] 137 CLR 1 (Associated Companies) Directors had moved funds between a number of associated companies to enable various debts to be paid and used assets of one company as security for loans obtained by others. The companies subsequently went into liquidation and the liquidator brought an action against the directors under the equivalent of CA s 598 on the grounds that the directors were guilty of fraud, negligence, default, breach of trust or breach of duty in relation to the company and the company had thereby failed. Corporate veil not lifted. In this case the High Court refused to recognise the group of companies as a single entity and, for the purpose of determining the liability of directors, held that each company was a separate legal entity, even though the companies were associated because each company had the same persons as directors and shareholders. They were not related, however, as body corporate as defined by s 50 of the Corporations Act