Piercing the Corporate Veil: US Lessons for Romania & Slovakia

Abstract

This article describes and analyses the doctrine of piercing the corporate veil. First it introduces this doctrine and its history and development in the United States - the jurisdiction which represents its. Second, it analyses its possible implementation within two chosen jurisdictions in Central and Eastern Europe: Romania and Slovakia. Authors’ aim is to assess their home jurisdictions and whether they apply the doctrine or only some parts of it or nothing at all. Authors go through different areas of the legal system, as company law, civil law or bankruptcy law and reflect on them. Finally, authors reason why this doctrine is of an importance to any legal system and why the legislators in CEE region should insert and apply it.

Keywords: Piercing the corporate veil, liability, mother company, subsidiary, fiduciary duty, Romania, Slovakia