Download or read book A Study of "piercing the Corporate Veil" in Chinese New Company Law and Its Legal Practice in China written by Yao Cui and published by . This book was released on 2008 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In modern company law, the concepts of a separate corporate personality and Limited liability protect shareholders from being liable for unlimited company's debts. This function of modern company law encourages the development of capital economy, however, it also poses a risk of abuse of the granted rights. Most modern company law systems have created the doctrine of "piercing the corporate veil" to avoid this risk of abuse. China formally established the doctrine of "piercing the corporate veil" in Chinese new company law in 2006. This ended the uncertain status of the application of veil-piercing doctrine in Chinese law. This thesis explores the development of the doctrine of "piercing the corporate veil" in Chinese company law and aims to highlight why it is significant to legalize the veil-piercing doctrine in Chinese new company law. The thesis also studies the expressed regulation of the doctrine of "piercing the corporate veil" in Chinese new company law and its current legal practice in China. Accepting the significance of legalizing the doctrine in new law, the thesis critiques the ambiguous scopes or narrow provisions of this new doctrine in legal practice; and also makes some proposals on this issue. The thesis concludes that it is desirable to find a feasible scope of application for the veil-piercing doctrine in China.