The Delaware Supreme Court’s recent decision in North American Catholic Educational Programming Foundation, Inc. v. Gheewalla1 addresses the fiduciary duties of corporate directors in Delaware. In affirming a lower court decision by the Delaware Court of Chancery,2 the Delaware Supreme Court held that creditors of a Delaware corporation that is insolvent or in the “zone of insolvency” have no right to bring direct claims for breach of fiduciary duty against directors.
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