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

Author

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  • Anca Sorina Popescu-Cruceru
  • Eugenia-Gabriela Leuciuc

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.

Suggested Citation

  • Anca Sorina Popescu-Cruceru & Eugenia-Gabriela Leuciuc, 2014. "Considerations on the Enforcement of the Doctrine of Piercing the Corporate Veil in Romania," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(7), pages 472-479, July.
    • Handle: RePEc:hur:ijarbs:v:4:y:2014:i:7:p:472-479
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    More about this item

    Keywords

    Piercing the corporate veil; corporate personality; limited liability; creditors’ protection; abuse;
    All these keywords.

    JEL classification:

    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K20 - Law and Economics - - Regulation and Business Law - - - General

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