Reform to Lift "Corporate Veil"

If successful, the bill being discussed in the Legislative Assembly of Costa Rica, will make shareholders of corporations liable in cases of fraud.

Thursday, August 28, 2014

The Legal Affairs Committee has endorsed a bill entitled Lifting the Veil of the Legal Personality, to be discussed in the plenary of the Legislative Assembly. The initiative aims to reform the Code of Commerce so that shareholders of corporations will be held accountable for the acts of the company in the event of any breach or violation of rights.

"... What would happen is that the shareholders of the companies would have to respond to the responsibilities of the Corporation, according to their share of the capital and in the act.
The initiative contains an exception in the case of those shareholders who in Assemblies, or controlling bodies oppose actions caused by the Lifting the Veil. "

The party Frente Amplio, project sponsor, said in a statement mentioned in AmeliaRueda.com that "...This project will help close loopholes used by entrepreneurs who use the protection of Corporations when failing to comply with tax and social security obligations. "

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