Application of “piercing the corporate veil” doctrine in the Ukrainian law

Abstract

Purpose: In the article, authors develop a structure of applying the gaps of corporate law and the possibility of restricting all possible structures of the legal field in Ukraine. The functioning of corporate law is always exercised according to the principle of the company’s greatest possible involvement in the employee’s everyday life. There is always differentiation emerging, which determines to what extent the existence of corporate spirit and ethics are needed within the society. Design/Methodology/Approach: The method of comparative law was used as the subject of the study, which enabled us to compare the customary rules of law with specific corporate law rules. Additionally, it is appropriate to apply the historical method, which fully reflects that the article elaborates the historical aspect of the development of the studied phenomenon as well as the formation of the holistic component. Findings: The article implements the aspects of managing the legal regulation of corporate law on the basis of modernizing separate provisions of the legal area of a social environment. Practical Implications: The perspectives of applying the corporate law provisions in the state’s economic development can be defined as the conclusions of the study. Originality/Value: The authors clearly demonstrate the obligation to implement the provision that stipulates that the corporate law, in case its principles are violated, has still to be oriented at understanding the specificity of its application in commercial institutions.