This assignment analyzes the concept of corporate veil and its potential misuse in Australia. It examines the legal safeguards in place to protect stakeholder interests, focusing on fiduciary duties and statutory obligations under the Corporations Act 2001. The paper delves into scenarios where courts may pierce the corporate veil, citing relevant case law examples like ASIC v Adler. Additionally, it discusses the 'business judgment defense' as a safeguard against accidental breaches of duty by company administrators.