to pierce the corporate veil

Portuguese translation: desconsiderar a personalidade jurídica (de uma empresa)

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:to pierce the corporate veil
Portuguese translation:desconsiderar a personalidade jurídica (de uma empresa)

21:40 Aug 10, 2019
    The asker opted for community grading. The question was closed on 2019-08-14 19:54:07 based on peer agreement (or, if there were too few peer comments, asker preference.)


English to Portuguese translations [PRO]
Law/Patents - Law: Contract(s) / Bankruptcy Proceedings
English term or phrase: to pierce the corporate veil
It appears on a Court Order, indicating individuals would be considered bankrupt as well as the company.

Complete (almost) sentence:

"The Movants filed a motion to pierce the corporate veil and extend bankruptcy to various entities and individuals..."

Brazilian Legal Terminology, please.
Barbara Villa
Brazil
Local time: 23:46
desconsiderar a personalidade jurídica (de uma empresa)
Explanation:
This means to render the shareholders or members liable for the debts of a company, should the latter enter into court reorganization or go bankrupt.
Selected response from:

Jorge Rodrigues
Brazil
Local time: 23:46
Grading comment
Backed by the community!

Thank you Jorge!
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +7desconsiderar a personalidade jurídica (de uma empresa)
Jorge Rodrigues
4desconstituir a separação patrimonial
ferreirac
4 -1perfurar o véu corporativo
Oliveira Simões
Summary of reference entries provided
Piercing the corporate veil
Teresa Borges

  

Answers


4 mins   confidence: Answerer confidence 5/5 peer agreement (net): +7
desconsiderar a personalidade jurídica (de uma empresa)


Explanation:
This means to render the shareholders or members liable for the debts of a company, should the latter enter into court reorganization or go bankrupt.

Jorge Rodrigues
Brazil
Local time: 23:46
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in category: 208
Grading comment
Backed by the community!

Thank you Jorge!

Peer comments on this answer (and responses from the answerer)
agree  Andrea Pilenso
0 min
  -> Thanks, Andrea.

agree  Mario Freitas:
6 hrs
  -> Thanks, Mario.

agree  Teresa Borges
10 hrs
  -> Thanks, Teresa.

agree  Helen Oliveira
1 day 3 hrs
  -> Thanks, Helen.

agree  Lina Vale
1 day 17 hrs
  -> Thanks, Lina.

agree  ulissescarvalho
1 day 22 hrs
  -> Thanks, Ulisses.

agree  expressisverbis
4 days
  -> Thanks, expressisverbis.
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
perfurar o véu corporativo


Explanation:
I don't believe the term phrase has any legal meaning. It's just a generic phrase that's normally translated as "perfurar o véu corporativo". There are plenty of examples on-line, including one used by Jornal GGN in its "Justiça" section (see example and URL below).

"O site da Secretaria do Estado oferece várias razões para incorporar sua empresa em Nevada, alardeando a inexistência de imposto de renda e uma quase impossibilidade de se perfurar o “véu corporativo”." - https://jornalggn.com.br/justica/como-atua-a-mossack-fonseca...

Even <em>O Estado de São Paulo</em> registers the use of this expression as such:

"Embora a responsabilidade administrativa e penal exijam uma conexão direta com a ação ou omissão que resultou em violação da legislação ambiental ou danos ambientais, podem ser impostas sanções financeiras que podem perfurar o véu corporativo e ignorar a doutrina jurídica. O artigo 4º da Lei Federal nº 9.605/1998 prevê expressamente a possibilidade de desconsideração da personalidade jurídica, se necessário para a recuperação ou compensação de danos ambientais." - https://economia.estadao.com.br/fatos-relevantes/pdf/1595483...

Other examples: https://www.google.com/search?q="perfurar o véu corpora...

Note: The fact that an expression appears in a legal document doesn't necessarily mean the expression is legalese!


Oliveira Simões
United States
Local time: 19:46
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 48

Peer comments on this answer (and responses from the answerer)
disagree  ulissescarvalho: ": The fact that an expression appears in a legal document doesn't necessarily mean the expression is legalese!" Well, in this case, it is, and your translation is absolutely inadequate.
1 day 21 hrs
  -> Good grief. You're clueless, man.
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13 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
desconstituir a separação patrimonial


Explanation:
Sugestão a partir de vários glossários jurídicos, como da banca Pinheiro Neto.

ferreirac
Brazil
Local time: 23:46
Works in field
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 73
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Reference comments


15 hrs peer agreement (net): +1
Reference: Piercing the corporate veil

Reference information:
"Piercing the corporate veil" refers to a situation in which courts put aside limited liability and hold a corporation's shareholders or directors personally liable for the corporation’s actions or debts. Veil piercing is most common in close corporations.

While the law varies by state, generally courts have a strong presumption against piercing the corporate veil, and will only do so if there has been serious misconduct. Courts understand the benefits of limited liability, as it "encourages development of public markets for stocks and thus helps make possible the liquidity and diversification benefits that investors receive from those markets."

As such, courts typically require corporations to engage in fairly egregious actions in order to justify piercing the corporate veil. In general this misconduct may include abusing the corporation (e.g. intermingling of personal and corporate assets) or having undercapatitalization at the time of incorporation.
https://www.law.cornell.edu/wex/piercing_the_corporate_veil

Teresa Borges
Portugal
Works in field
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 536

Peer comments on this reference comment (and responses from the reference poster)
agree  expressisverbis
3 days 20 hrs
  -> Obrigada, Sandra!
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