Солидарна одговорност - "conditio sine qua non" постојања привредних субјеката и тржишне економије
Joint and Several Liability - "Conditio sine qua non" of the Existence of Business Entities and the Market Economy

Author(s): Damjan Danilović
Subject(s): Law, Constitution, Jurisprudence, Law on Economics
Published by: Правни факултет Универзитета у Источном Сарајеву
Keywords: Joint and several liability; Status changes; Contractual relations; Securities; Legal certainty;
Summary/Abstract: In this paper, the author examines the concept of joint and several liability within the context of legal relationships that business entities frequently engage in. Some of them are mandatory in nature, while others are based on a voluntary basis. In this framework, joint and several liability towards creditors is considered from several aspects. The law of commercial companies encompasses instances of joint and several liability during status changes, the liability of individual company members, and the lifting of the corporate veil, among other aspects. From the point of view of business law, joint liability is established in various contracts. Ultimately, the establishment of joint and several liability relations in the case of securities enhances the standing of creditors. The author demonstrates that without this institution, the market economy, and consequently the economic entities, would not be able to function at all. In other scenarios, the absence of joint responsibility would cause the economic system to deteriorate to a primitive state, lacking the essential legal assurance.

• Details
• Contents