Research On The Application Of The Denial Of Corporate Personality System In The Case Of Significant Insufficient Capital

"Over the past few centuries,companies have rewritten the order in which people live and the rules of competition between countries.The world we live in today,from tangible to intangible achievements,has written down the name of the company." Company is one of the most important inventions in human history,which has profoundly changed human civilization.The principle of limited liability is a typical feature of the company system and an important cornerstone to support the modern company system.The legislative purpose of company law is to protect the legitimate rights and interests of companies,shareholders and creditors,and to promote the healthy and stable development of market economy.However,there are some shareholders who abuse the principle of limited liability,make creditors’ risk exceed the normal limit,damage creditors’ rights and interests or social public interests,violate the original intention of the company system,and alienate the limited liability system into a tool to seize interests.In order to safeguard the principle of fairness and justice,the system of disregard of corporate personality emerged as the times require.Relative negation of corporate personality is carried out in individual cases.Shareholders who actually play a decisive role behind the company assume joint and several responsibilities,maintain the balance of interests of different subjects,and ensure the smooth operation of the market economy.The system of disregard of corporate personality is to uphold and amend the system of corporate jurists on the premise of implementing the principle of fairness and justice,in order to achieve the goal of legal value of fairness and justice.In a market economy,on the one hand,is a shareholder in order to minimize their may suffer from the risk of less capital to fund demand larger industry or is engaged in the wholesale trade,serious increased the risk of creditors;on the other hand is the legislative value of commercial law gradually by the justice to efficiency,minimum capital limited company registered in the company law to phase out,carry out capital subscribed,excessive pursuit of the efficiency of public power authority,the relevant regulatory measures in the short term does not reach the designated position,may damage the interest of creditors and social public interests,and in the face of the relaxation of the front-end control,must strengthen the back-end control.Therefore,it is necessary to study and improve the application of the company law personality denial system in the case of "significant capital deficiency",promote the continuous development and improvement of commercial laws and regulations,solve the problems in theory and practice,and play a greater role in the development of market economy and the reform and opening up process.China didn’t formally establish the company law personality denial system until the 1990 s,which lags behind the western developed countries,with immature theoretical development and lack of practical experience.The relevant provisions in the company law are only provisions in principle,lacking in operability and relevant judicial interpretation and guidance cases.As a controversial situation,"significant capital deficiency" has some problems in practice,such as vague concept,confused standard and difficulty in identification.With the deepening of China’s reform and the rapid development of the market economy,higher requirements have been put forward for this system.It is necessary to carry out in-depth research,draw on advanced experience,respond to the needs of the society and the public,put forward practical suggestions,and promote the legislative and judicial process.