Considerations on the Enforcement of the Doctrine of Piercing the Corporate Veil in Romania

Anca Sorina Popescu-Cruceru () and Eugenia-Gabriela Leuciuc

International Journal of Academic Research in Business and Social Sciences, 2014, vol. 4, issue 7, 472-479

Abstract: The subject of the analysis circumscribes to the possibility of applying the principles of the doctrine piercing the corporate veil in the Romanian legal system, which has not yet met a unified legislative approach regarding the extension of shareholders’ liability. Starting from the legal personality the manner it is understood by the Anglo-American law, as the legal liability of shareholders in certain company forms provided with legal personality, it is argued that the latter and the liability are diluted within the actual perspective of the doctrine, which in fact prioritizes the protection of corporate creditors. Such approach in the Romanian law still acknowledges a limited applicability, generated by an insufficient normative framework, yet the theory of flagrant abuse could explain the regulation of extending the shareholder’s limited liability, to the extent to which this abuses of these limitations, while preserving the corporate personality.

Keywords: Piercing the corporate veil; corporate personality; limited liability; creditors’ protection; abuse (search for similar items in EconPapers)
JEL-codes: K12 K20 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:hur:ijarbs:v:4:y:2014:i:7:p:472-479

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