Fill in the gaps in the text below with the correct forms of the CAPITALIZED words.

Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its SHARE (2 p.) . Usually a corporation is treated as a separate LAW (2 p.) person, which is solely responsible for the debts it incurs and the sole BENEFIT (2 p.) of the credit it is owed. Common law countries usually uphold this principle of separate personhood, but in exceptional situations may "pierce" or "lift" the corporate veil.
“Piercing the corporate veil” is used when a court holds a company’s owners or EXECUTE (2 p.) personally liable for a company’s debts.
Ordinarily, directors and officers enjoy limited liability protection that shields them from personal liability for actions taken in the name of the company. But when leaders do something LAW (2 p.) , or are grossly NEGLECT (2 p.) in their duties, the courts may “pierce the veil” of liability protection, which means holding directors personally responsible.
Piercing issues typically involve commingling of personal and COMPANY (2 p.) assets, failing to follow formalities (e.g., annual FILE (2 p.) , meeting minutes), or SUFFICE (2 p.) corporate assets. The latter typically occurs in bankruptcy proceedings when the business takes on more debt or risk than is REASON (2 p.) .