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The problem of the different ways transnational corporations (TNCs) are held responsible for their violations of human rights standards has its own, long history. All the academic and legal efforts to date that have sought to clarify the proper grounds for effective remedies for wrongs that have been committed, have however failed to overcome the substantive obstacles and objections. Against such a complicated background the Authors present some reflections regarding the question of whether there is any possibility to take a step forward. Bearing in mind the powerful position of the TNCs, the Authors try to argue that – to some extent – mechanisms connected to State obligations in the field of human rights could be effective, if properly used, in relation to this type of corporate entity. Moreover, the absence of legally binding international rules (i.e. hard law) in the field under discussion is undoubtedly a missing factor for success. The article concludes that as long as the obligations and responsibilities of TNCs are not covered by legally binding and effectively enforced international rules, it will be impossible to cut this "Gordian knot". [ABSTRACT FROM AUTHOR]