THEORETICAL AND PRACTICAL PROBLEMS OF THE FOUNDER’S LIABILITY OF A LEGAL ENTITY UNDER UZBEK LAW

Abstract

The issues related to the liability of a legal entity, the existing problematic and conceptual aspects to be solved, the long-standing controversial issues should be analyzed on the basis of the current realities, market laws developed on the basis of economic and legal reforms in our country. Put simply, the responsibility of a legal entity means that it is liable for its obligations with the property belonging to it. In this case, the legal entity is liable for failure to fulfill its obligations with the property in its possession. However, this simple construction is not always sufficient for the liability of a legal entity. In many cases where liability for a legal person’s obligations arises, its property may be lost, in which case the problem arises as to who is liable. Indeed, as noted in the above paragraphs, it has been recognized that the essence of building a legal entity is to separate the assets of the founders and participants from the assets of the legal entity and the ownership of assets held by the legal entity. From this point of view, the insufficiency of the property held by the legal person to secure its liability means that the remaining claims of creditors will not be satisfied. However, in this case various abuses and scandals are possible on the part of the persons who violated the creditor’s interests and created the legal entity, benefited from it and directly carried out its activities. Thus, current legislation determines the relationship and responsibility of two independent persons - the legal entity itself and its founder (shareholders) in determining the liability of legal persons, and this approach is typical for almost all organizational-legal forms of legal entities.