Abstract: This article is dedicated to the analysis of the possibility of removal an individual from participation in the corporate decision-making due to personal bankruptcy of this individual. In particular, the article explores the questions of allowability and justification of limitation of a stakeholder in a company with regards to exercising the right of participation, including the right to run the company. Moreover, the subject of research includes situations that precede the necessity to remove the individual from the board without vote of the individual. The work also examines the case law on the question of refusal to allow a partner to carry out administration of the company after the conclusion of liquidation of their personal property. It is proved that the current civil legislation contains positions, which enable the stakeholders of privately held company to exclude a member, an individual declared bankrupt from the board.