The author reviews the transformation of Corporate Law on the example of post-Soviet Georgia. The reception which shapes the legal system, in transformative society comprises a considerably lengthy period. Frequent and unsystematic amendments of legislation in the post-communist community cause instability and nihilism, which is the main hindering factor for the corporate economy. The author examines the stages of Transition Law development, the conception of voluntary and compulsory reception, a transformation of law as a cultural phenomenon, the role of Comparative Law, and the impact of EU supranational Corporate Law on the formation of contemporary Georgian Law. The author presents the gaps of the current Corporate Law, also the dilemma between the models of regulation and deregulation, and he outlines the inevitable necessity of modernization of the field.