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    Can the Corporate Veil be Pierced Against a Former Shareholder?
    2016-10-19

    A recent opinion issued by the United States District Court for the Northern District of Illinois reminds us that corporate veil-piercing liability is not exclusive to shareholders. Anyone who is in control of and misuses the corporate structure can be found liable for the obligations of the corporation. The facts of this case, however, did not support personal liability for veil-piecing.

    Filed under:
    USA, Illinois, Company & Commercial, Insolvency & Restructuring, Litigation, Mintz, Fair Debt Collection Practices Act 1977 (USA)
    Location:
    USA
    Firm:
    Mintz
    Three Strikes and Recovery Act is Out
    2016-06-13

    Today’s U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trustputs an end to one of Puerto Rico’s multi-pronged efforts to deleverage itself.

    Filed under:
    Puerto Rico, USA, Company & Commercial, Insolvency & Restructuring, Litigation, Mintz, American Recovery and Reinvestment Act 2009 (USA)
    Authors:
    Leonard Weiser-Varon , William W. Kannel
    Location:
    Puerto Rico, USA
    Firm:
    Mintz
    Directors and officers’ ultimate escape from personal liability
    2016-03-15

    In the Ultimate Escapes bankruptcy case, the U.S. District Court for the District of Delaware recently held that the “business judgment rule” may protect fiduciaries who negotiate and enter into unconventional financing agreements in an attempt to save the company. In short, a failed business strategy by itself does not lead to liability for breach of fiduciary duty.

    Filed under:
    USA, Delaware, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Mintz
    Location:
    USA
    Firm:
    Mintz
    A warning to directors and officers — failure to give proper WARN Act notice may breach your fiduciary duty
    2015-10-09

    At first glance, Stanziale v. MILK072011, looks like someone suing over a bad expiration date and conjures up images of Ron Burgundy proclaiming “milk was a bad choice.” But in actuality Stanziale is much more interesting: it answers whether one can breach their fiduciary duty by exposing an employer to a claim under the aptly-named WARN Act, which requires employers to tip off their workers to a possible job loss.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Mintz, Breach of contract, Fiduciary, Worker Adjustment and Retraining Notification Act 1988 (USA)
    Location:
    USA
    Firm:
    Mintz
    Business judgment rule protects board’s decision to maximize the value of an insolvent Delaware corporation even if it puts creditors at risk; but it does not protect transfers of value from the corporation to a controlling shareholder or related party
    2014-10-31

    Directors of an insolvent corporation face a host of difficult questions. Should they wind up operations or file for bankruptcy to preserve assets for creditors, or chart a riskier course that could lead the company back to profitability and possibly create value for shareholders? If they choose the riskier course and it fails, will the directors be potentially liable to creditors? The opinion issued by Vice Chancellor Laster of the Delaware Court of Chancery earlier this month in Quadrant Structured Products Co., Ltd. v. Vertin, C.A. No. 6990-VCL, slip op., 2014 Del. Ch.

    Filed under:
    USA, Delaware, Company & Commercial, Insolvency & Restructuring, Litigation, Mintz, Shareholder, Fiduciary, Business judgement rule, Delaware General Corporation Law
    Location:
    USA
    Firm:
    Mintz
    Rescission effective upon filing of rescission complaint
    2010-06-09

    In a decision not designated for publication, the United States District Court for the Northern District of California, applying California law, has held that an insurer's declaratory judgment complaint for rescission effectuated the rescission of the policy and that the subsequent coverage litigation confirmed the validity of the rescission. In re Sonic Blue Inc., 2010 WL 2034798 (N.D. Cal. May 19, 2010).

    Filed under:
    USA, California, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Breach of contract, Fraud, Fiduciary, Estoppel, Bad faith, Prejudice, Laches (equity), US District Court for Northern District of California
    Location:
    USA
    Firm:
    Wiley Rein LLP
    COVID-19 Insolvency: APAC Guide to Directors’ Duties and Insolvent Trading
    2020-04-02

    The COVID-19 pandemic has placed immense strain across the whole of the economy and raises the issue of how company directors should balance their obligations to shareholders and creditors while ensuring that they protect themselves from any personal liability.

    Companies and their directors in the following sectors of the economy face difficult decisions:

    Filed under:
    Australia, Hong Kong, Singapore, Company & Commercial, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Coronavirus
    Authors:
    Prakash Pillai
    Location:
    Australia, Hong Kong, Singapore
    Firm:
    Clyde & Co LLP
    Oil price volatility – risks and opportunities in 2015
    2015-04-15

    With the current financial difficulties faced by the oil & gas industry, directors of companies incorporated in England and Wales must be mindful of their duties and responsibilities to the company as well as the potential personal liability that could arise from breaching those duties and responsibilities in the context of an insolvency.

    Who qualifies as a director?

    Filed under:
    Ireland, Company & Commercial, Energy & Natural Resources, Insolvency & Restructuring, Clyde & Co LLP, Articles of association
    Authors:
    Michael Wachtel
    Location:
    Ireland
    Firm:
    Clyde & Co LLP
    Covid-19 Singapore: government proposes monumental temporary relief from commercial disputes
    2020-04-01

    The Ministry of Law in Singapore has announced that it will introduce a bill to the Parliament next week to offer temporary relief to businesses and individuals who are unable to fulfil their contractual obligations because of the COVID- 19 pandemic.

    The proposed bill includes:

    Filed under:
    Singapore, Company & Commercial, Insolvency & Restructuring, Clyde & Co LLP, Coronavirus
    Authors:
    Ian Roberts , Prakash Pillai
    Location:
    Singapore
    Firm:
    Clyde & Co LLP
    COVID-19 Directors & Officers: Temporary amendments to insolvency and corporations law
    2020-03-26

    Introduction:

    The Australian Federal Government announced temporary amendments, effective 24 March 2020, to insolvency and corporations law in response to the challenges that businesses are facing as a result of the COVID-19 crisis. These amendments provide a safety net to businesses in challenging times to foster survival for those businesses once the crisis has passed.

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Clyde & Co LLP, Coronavirus
    Location:
    Australia
    Firm:
    Clyde & Co LLP

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