S-Space College of Law/Law School (법과대학/대학원) The Law Research Institute (법학연구소) Journal of Korean Law Journal of Korean Law Volume 09 Number 1/2 (2009)
Piercing of the Corporate Veil in Korea: Case Commentary
- Shin, Eun Young; Cho, In Yeung J.
- Issue Date
- BK 21 law
- Journal of Korean Law, Vol.9 No.1, pp. 27-51
- Corporate Entity; Piercing of Corporate Veil; Principle of Good Faith; Corporate Governance; Corporate Law; Korean Supreme Court
- The purpose of this Commentary is to critically appraise the jurisprudence of Korea on the doctrine of corporate veil piercing with a special emphasis on the Korean Supreme Court’s decision in 2004Da26119. In 2004Da26119, the Supreme Court of Korea delineated the criteria for disregarding the corporate entity under Korean corporate law, particularly in the parentsubsidiary context. As part of its purported aim, the Commentary will analyze the constitutive elements of veil piercing as understood by Korean courts and attempt to survey the evolution of jurisprudence on veil piercing leading up to 2004Da26119. The Commentary will argue that a showing of parental motive and/or purpose, which the Supreme Court required in 2004Da26119 as part of prima facie proof for veil piercing, may well dampen the overall efficacy of veil piercing in Korea, due to the evidentiary hardship it will pose in practice.
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