The Principle 'Piercing the Corporate Veil' in Italy
Ferdinando Bruno, Director - Italian Debt Capital Markets (DCM) Documentation, Bayerische Hypo- unde Vereinsbank AG, Italy
The term “piercing the corporate veil” in English Law describes how directors or shareholders in a corporation can be held accountable for the liabilities and debts of the corporation, which previously they would have been immune from. It is possible to affirm that this premise also exists in the Italian legal system.
The Italian reform of company law approved in Italy in 20031 has played a key role in “piercing the corporate veil”. In this paper I shall examine the different methods of piercing the corporate veil within the Italian judicial system.
(ii) Best execution and elimination of the concentration obligation, examined in this paper.
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