THIRD DIVISION
D E C I S I O N
BERSAMIN, J:
Stockholders of a corporation are liable for the debts of the corporation up to the extent of their unpaid subscriptions. They cannot invoke the veil of corporate identity as a shield from liability, because the veil may be lifted to avoid defrauding corporate creditors.
We affirm with modification the decision promulgated on August 14, 2002, [1] whereby the Court of Appeals(CA) upheld the decision of the Regional Trial Court, Branch 71, in Pasig City (RTC), [2] ordering the defendants (including the petitioner)to pay to Printwell, Inc. (Printwell) the principal sum of P...
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