Rediscovering Vicarious Liability as an Effective Tool in Ukrainian Insolvency Law
Ukraine and Ukrainian businesses continue to face considerable economic challenges and, as a result, the level of asset and debt misappropriation remains high. Creditors and affected parties have to apply all available instruments in order to recover the fullest extent possible. Given the recent codification of insolvency laws and judicial practice already developed, the application of vicarious (secondary) liability, being the liability of the shareholders and other parties that may be held liable for the debtor’s debts, might become an efficient tool to be aware of when it comes to debt recovery. Some insights into practical considerations on applying this type of liability are provided in this article.
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