The company was incorporated with members comprising himself and his family. The price for such a transfer was paid from the company to Andry by way of shares and debentures having a floating charge (security against debt) on the company's assets. Later, when the company's business failed and went into liquidation, Andry's right of recovery against the debentures stood before the claims of unsecured creditors, who would have recovered nothing from the liquidation proceeds. To avoid such unjust exclusion, the liquidator, on behalf of the unsecured creditors, alleged that the company was a sham and Andry, being the principal, was personally liable for its debt. In other words, the liquidator sought to overlook the separate personality of Andry Ltd., distinct from its shareholders, including Andry, to make Andry personally liable for the company's debt as if he continued to conduct the business as a sole trader. Is Andry personally liable?