All ▸ Bar 2024 ▸ COMMERCIAL AND TAXATION LAWS ▸ I. CORPORATION LAW (R.A. No. 11232, Revised Corporation Code) ▸ A. General Principles ▸ 4. Doctrine of Piercing the Corporate Veil

Question

Question A: General Principles - Doctrine of Piercing the Corporate Veil

Scenario:

Alpha Corporation, a Philippine-based company, was established with the main purpose of manufacturing and selling electronic devices. The corporation was duly registered and operated within the legal framework for several years. However, recent investigations have uncovered fraudulent practices within the company, revealing that its directors and officers have been using the corporate structure to manipulate finances and evade legal liabilities.

Question:

In light of the given scenario, discuss the concept and application of the Doctrine of Piercing the Corporate Veil under Philippine law. Explain the conditions and legal basis for piercing the corporate veil, and discuss whether the doctrine can be applied to hold the directors and officers of Alpha Corporation personally liable for their fraudulent actions. Support your answer with relevant provisions of Philippine law and jurisprudence.

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