News & Analysis as of

Breach of Duty › Shareholders › Creditors

Offit Kurman

Director & Officer Duties: What Every Leader Should Know

Offit Kurman on

Earlier this year, the FDIC, acting as receiver for Silicon Valley Bank (“SVB”), filed a breach of fiduciary duty lawsuit against six officers and eleven directors of the bank. The FDIC alleged that these individuals ignored...more

Proskauer Rose LLP

Del. Bankruptcy Rulings Instruct on Creditors' Rights to Sue

Proskauer Rose LLP on

Creditors of distressed businesses are often frustrated by shareholder- controlled boards when directors pursue strategies that appear to be designed to benefit shareholders at the creditors' expense. In these...more

Proskauer Rose LLP

Suing Directors of a Troubled Business: When Form Trumps Substance

Proskauer Rose LLP on

Creditors of distressed businesses are often frustrated by shareholder-controlled boards when directors pursue strategies that appear to be designed to benefit shareholders at the creditors’ expense. In these circumstances,...more

Mintz - Bankruptcy & Restructuring Viewpoints

Are Bankruptcy Blocking Provisions in Corporate Governance Documents Enforceable?

Mintz - Bankruptcy & Restructuring Viewpoints on

It has long been the law that creditors are rarely entitled to contractually prohibit a debtor from filing for bankruptcy, whether such restriction is contained in the debt instruments or in the corporate governance...more

Latham & Watkins LLP

UK Court of Appeal: When to Trigger the Creditor Duty Shift

Latham & Watkins LLP on

Ruling provides guidance on how close to insolvency a company needs to be before directors must consider creditors’ interests. The UK Court of Appeal has ruled that the payment of a lawful dividend did not, on the facts,...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Remoteness Going to a Court of Appeals--Fifth Circuit Issues Speedy, Focused Affirmance of the Dismissal of the...

Patterson Belknap Webb & Tyler LLP on

Our February 22 post (with updates on March 19, April 17 and April 25) reported on a bankruptcy court decision dismissing a voluntary corporate Chapter 11 petition that had not been approved by a preferred stockholder of the...more

Saul Ewing LLP

Delaying a Bankruptcy for Shareholder Benefit May Benefit the Creditors After All

Saul Ewing LLP on

Equity holders and sponsors be wary - a new arrow may now be available in the quiver of potential causes of action that creditors and trustees can use to maximize their recovery in chapter 11 bankruptcy cases. In a recent...more

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