Sturkie v. Sifly

Cureton, Judge:

The appellant receiver instituted this suit premised upon a common law action to pierce the corporate veil and a statutory action under Section 33-11-240, Code of Laws of South Carolina, 1976 for improper distribution to the respondents as stockholders. The receiver appeals from the order of the trial judge dismissing his case on the merits. We affirm.

The controversy centers around the actions of respondents Sifly and Walter, the sole stockholders and officers of Carolina Furniture. They organized and incorporated Carolina Furniture on January 1, 1976 to engage in the…