In today’s turbulent economic climate, it is vital for creditors and debtors to understand the precise boundaries of their rights and duties when an enterprise becomes insolvent. Directors, officers and managers must acknowledge those to whom they owe fiduciary duties and fulfill those duties at the risk of personal liability, while creditors evaluate their potential remedies against misbehaving insiders to collect on defaulted obligations.
Filed under:
USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Debtor, Breach of contract, Fraud, Fiduciary, Board of directors, Limited liability company, Standing (law), Limited partnership, Liability (financial accounting), Default (finance), Derivative suit, Delaware General Corporation Law, Delaware Court of Chancery, Delaware Supreme Court
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