Georgian Supreme Court redefines personal liability of shareholders and directors
European Company and Financial Law Review , Volume 13 - Issue 2 p. 453- 466
On 6 May 2015, Georgian Supreme Court decided that shareholders and directors of a Limited Liability Company can be held jointly and personally liable for the tax obligations of the company. This Decision lays ground for the development of corporate veil-piercing doctrine in Georgia and at the same time extends creditors' right to have recourse to directors if the damage was incurred due to the breach of fiduciary duties.
|European Company and Financial Law Review|
Narmania, G. (Giorgi). (2016). Georgian Supreme Court redefines personal liability of shareholders and directors. In European Company and Financial Law Review (Vol. 13, pp. 453–466). doi:10.1515/ecfr-2016-0453