Posts Tagged ‘bankruptcy’
Business Law Attorney Richard Burt Helps Draft New Corporate Law
A corporation is typically dissolved when the shareholders holding shares that have 50% or more of the voting power elect to dissolve. When an order for relief has been entered under Chapter 7 of the U.S. Bankruptcy Code, the board of directors can elect to dissolve the corporation. But after a corporation files for bankruptcy,…
Read MoreDemise of the Notion That Alter Ego Claims Belong to the Bankruptcy Estate
Shaoxing County Huayue Import & Export v. Bhaumik In Shaoxing County Huayue Import & Export v. Bhaumik (2011) 191Cal.App. 4th 1189, a creditor of a bankrupt corporation sued in state court to recover payment from an individual based on an alter ego theory of liability. The individual argued that the alter ego claim belonged to…
Read MoreAlter Ego Claims of Creditors Do Not Belong to Bankruptcy Trustee
In Ahcom, Ltd. v. Smeding, 623 F.3d 1248 (9th Cir. 2010), the U.S. Court of Appeals for the Ninth Circuit decided the question whether a creditor of a corporation that is in bankruptcy has standing to pursue a claim against the corporation’s shareholders on an alter ego theory or whether alter ego claims of creditors…
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