When is an insurance commissioner not a governmental authority? A federal district judge reminds us that a state insurance commissioner, when acting as receiver of an insolvent insurer, acts in a different capacity to his governmental role. This principle can cause an insurance commissioner to fall outside a contractual definition of “governmental authority” even where the definition contains inclusive language on multiple capacities.

The Bottom Line

The Bottom Line

The Bottom Line

The Bottom Line

Introduction

The Bottom Line

The Bottom Line

In a recent ruling, Trusa v. Nepo(Del. Ch. April 13, 2017), consistent with prior case law, Vice Chancellor Montgomery-Reeves of the Delaware Chancery Court held that a creditor cannot bring a derivative action against a Delaware limited liability company, even where the company is clearly insolvent. The ruling is interesting, because in the well-known case of North American Catholic Educational Programming Foundation, Inc. v. Gheewalla, 930 A.2d 92 (Del.

From time to time, you may be seeing references to the Uniform Voidable Transactions Act (UVTA). Indeed, since 2014, the law has already been enacted in nine states and introduced in another seven states. If you are wondering what this new law is all about, you should know that it is really a very old law with a new name. The crux of the law is to prevent debtors from escaping their creditors by making transfers of assets to avoid paying their debts. This law has been a key part of debtor-creditor law in the United States and England dating back to the time of the reign of Elizabeth I.