The Delaware Court of Chancery has held that under the Delaware Limited Liability Company Act, creditors of an insolvent Delaware limited liability company do not have standing to pursue a derivative claim against the managers of the company.

The Delaware Court of Chancery has granted the plaintiffs' request for judicial dissolution of BVWebTies LLC, a Delaware limited liability company. In the case, co-equal owners and managers of the LLC disagreed over the company's management. The company's LLC agreement, however, provided no method by which to break a deadlock among the members.

The Delaware Court of Chancery has held the seller in an asset purchase transaction liable for breach of an exclusivity provision in the subject asset purchase agreement, dismissing the seller's argument that the fiduciary duties owed by management to creditors negate the contractual exclusivity provision.