Piercing the Corporate Veil and Liability of the Parent Company Against the Creditors of the Subsidiaries under Lithuanian Law
##plugins.themes.bootstrap3.article.main##
Abstract
This paper focuses on the doctrine of piercing of corporate veil which allows establishing liability of a parent company for the acts of its affiliates under Lithuanian law. This doctrine is found in Art. 2.50 sec. 3 of the Lithuanian Civil Code: “Where a legal person fails to perform its obligations due to the acts in bad faith of a member of the legal person, the member of a legal person shall, in a subsidiary manner, be liable by his own property for the obligations of a legal person”. This provision is definitely progressive and positive. Moreover, according to a Lithuanian approach, the doctrine of piercing is supposed to be applied in the field of corporate groups – to establish liability of a parent company for the obligations of its subsidiary.
##plugins.themes.bootstrap3.article.details##
Section
Articles
This is an open-access journal, which means that all content is freely available without charge to the user or their institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission from the publisher or the author. This follows the BOAI definition of open access. Authors contributing to Jurisprudence agree to publish their articles under a Creative Commons Attribution 4.0 International Public (CC BY) License (applicable from 2025).
Authors retain copyright of their work, with first publication rights granted to the Association for Learning Technology.
Please see Copyright and Licence Agreement for further details.
