Desconsideração da personalidade jurídica e cooperativas – uma abordagem preliminar de um caso específico

Article 96.5 of the Portuguese Cooperative Code states that if a cooperative’s annual losses are greater than the amount of the legal reserve, the difference may, by decision of the general meeting, be demanded from the cooperative members, in proportion to the operations carried out by each of them-not imposing this participation in covering the losses on the cooperative members, which they can decide at their discretion. If they don’t, the amounts corresponding to the gains that these members have unduly made through transactions with the cooperative, at the expense of the cooperative’s assets, will most likely be borne by the cooperative’s creditors. This article analyzes the possibility that piercing the cooperative veil could be a solution to protect its creditors – and whether it is the best solution.