What does the term "piercing the corporate veil" mean and how does it impact the liability of individual shareholders in a company?

"Piercing the corporate veil" refers to a legal concept where courts hold individual shareholders personally liable for the debts or actions of a corporation. This typically happens when the corporate structure is abused or disregarded, leading to the shareholders' protection being removed. As a result, shareholders may be required to cover the company's liabilities with their personal assets.