Piercing the Corporate Veil and Liability of the Parent Company Against the Creditors of the Subsidiaries under Lithuanian Law
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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.
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Articles
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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.
