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Abstract

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Piercing the Corporate Veil to The shareholder liability

The liability of the shareholders to company's creditors under the Civil and Commercial Code provides that shareholders have limited liability and have a different status from the company. If the shareholders manage their businesses under a legal personality doctrine or a limited liability doctrine for exploiting creditors or managing their businesses in bad faith, the creditors shall not be received the full amount of a company debt and be unable to claim shareholders for any liability. The study found that the Civil and Commercial Code does not provide piercing the corporate veil principle. Moreover, Piercing the Corporate Veil principle is implemented in the Consumer Procedure Act B.E. 2551 but it protects only consumers. This is different from the UK and the US because they do apply piercing the corporate veil principle in their regulations.