May 2022 For more than 400 years, the limited liability protection of corporate entities has been perhaps one of the greatest accelerators of economic growth and capital formation in the industrialized world. Despite the benefits, corporations have also been used as vehicles to cheat creditors with bad guys hiding behind the “corporate veil.” Over time, courts have developed a strategy for creditors to “pierce the corporate veil” to satisfy their claims from the personal assets of malicious shareholders, but until recently, creditors have been unable to pursue recovery against other affiliated entities. For more than 400 years, the limited liability…