News & Analysis as of

Board of Directors Receivership

Ervin Cohen & Jessup LLP

State Law Dictates Who May File Bankruptcy For A Corporation

A prior Ask the Receiver discussed Sino Clean Energy Inc. by and through Baowen Ren v. Seiden, 565 B.R. 677 (Nev. 2017), where a district court’s affirmed of a bankruptcy court’s order dismissing a bankruptcy case. A state...more

Allen Matkins

"I Say You Are No Longer A Board"

Allen Matkins on

Several Nevada statutes provide for the appointment of a receiver or custodian of a corporation, including NRS 32.010, NRS 78.347, NRS 78.630 and NRS 78.650. Yesterday, the Ninth Circuit Court of Appeals addressed whether...more

Morris James LLP

Court Of Chancery Determines That Advancement Claim Is A General Creditor Claim

Morris James LLP on

These two decisions hold that an advancement claim should be treated as a claim of a general creditor by a company in liquidation. Hence, those claims do not get priority in payment along with administrative expenses of the...more

Jackson Walker

Texas Supreme Court's Recent Shareholder Oppression Opinions Reaffirm Primacy of Common Law Fiduciary Duties Under Gearhart

Jackson Walker on

In three recent cases, the Texas Supreme Court has made it clear that for claims of "minority shareholder oppression" — essentially, acts of a majority shareholder group that are harmful to a minority shareholder without...more

Ervin Cohen & Jessup LLP

When a Receiver is Appointed Does this Prevent Former Officers & Directors from Filing a Bankruptcy Petition on Behalf of the...

QUESTION: I have noticed language in a number of receivership orders providing that the receivership entities’ officers and directors are removed and their powers are vested in the receiver and further enjoining the officers...more

Nossaman LLP

Limited Defenses Available Against FDIC As Receiver

Nossaman LLP on

As of August 2013, since the fallout from the recent financial crisis, the FDIC as receiver for failed banks has brought suit against former directors and officers of 76 failed institutions. These lawsuits are based on...more

Ervin Cohen & Jessup LLP

The Right To Appeal Once A Receiver is Appointed

QUESTION: After a receiver is appointed to enforce a settlement, can the defendant, a California corporation, appeal the judgment and order appointing the receiver, or is the receiver the only party that has the right to...more

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