Plaintiffs filed a collection action against “X” Corporation. Upon execution of the court’s decision, “X” Corporation was found to be without assets. Thereafter plaintiffs filed an action against its present and past stockholder “Y” Corporation which owned substantially all of the stocks of “X” Corporation. The two corporations have the same board of directors and “Y” Corporation financed the operations of “X” Corporation. May “Y” Corporation be held liable for the debts of “X” Corporation? Why? (2001 BAR)