ماہنامہ انوار مدینہ لاہور جون 2008 |
اكستان |
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entities of its shareholders. The separate entity as a fictive person has legal personality and may thus sue and be sued, may make contracts, may hold property in its name, and has the legal status of a natural person in all its transactions entered into the capacity of a juridical person. The basic question, it is believed, is whether the concept of a 'juridical person' is acceptable in shariah or not. Once the concept of "juridical person" is accepted and it is admitted that, despite its fictive nature, a juridical person can be treated as a natural person in respect of the legal consequences of the transactions made in its name, we will have to accept the concept of "limited liability" which will follow as a logical result of the former concept. The reason is obvious. If a real person i.e. a human being dies insolvent, his creditors have no claim except to the extent of the assets he has left behind. If his liabilites exceed his assets, the creditors will certainly suffer, no remedy being left for them after the death of the indebted person. Now, if we accept that a company, in its capacity of a juridical person, has the rights and obligations similar to those of a natural person, the same principle will apply to an insolvent company. A company, after becoming insolvent, is bound to be liquidated: and the liquidation of