We hope that today business owners have no illusions that they are liable for the obligations of their company only to the extent of their contribution to its authorized capital. This has long been wrong. In confirmation – our Guide to subsidiary liability of owners and business leaders. Similarly, personal bankruptcy of an individual will not allow you to get rid of all debts. Including subsidiary.
Indeed, as a general rule, after settlements with creditors are completed, a citizen recognized as bankrupt is exempted from further execution of claims. Continue reading