News & Analysis as of

Fraudulent Transfers Limited Liability Company (LLC)

Proskauer Rose LLP

Conflict Between Delaware LLC Act and Bankruptcy Code Affects Creditor Toolbox

Proskauer Rose LLP on

As you know from our prior alerts, creditors of borrowers formed as Delaware LLCs (as opposed to corporations) lack standing under Delaware law to sue directors for breaching fiduciary duties even when, to the surprise of...more

Lerch, Early & Brewer

Revocation of Revocable Trust was Fraudulent Transfer

Lerch, Early & Brewer on

In JPMorgan Chase Bank, N.A. v. Winget, the United States Court of Appeals for the Sixth Circuit addressed whether Larry Winget (Winget) could revoke the Larry J. Winget Living Trust (Trust) to make the assets unreachable to...more

Rivkin Radler LLP

Me, Myself, and I: Tax Liabilities and Dealing with One’s Own Business

Rivkin Radler LLP on

“It’s My Business”- The owner of a closely held business will often find it difficult to distinguish the business from their own person. That is certainly true for a sole proprietorship. In many cases, unfortunately, the...more

Miller Nash LLP

Court Grants Garnishment of Unlawful Distributions and Transfers to LLC Members

Miller Nash LLP on

Garnishment is a tool used by judgment creditors to collect on a judgment owed by the debtor-defendant. Property subject to garnishment includes monetary obligations owed by a third party to the debtor-defendant. In a recent...more

Freeman Law

Alter Ego and The Fifth Circuit Court of Appeals: Texas Business Owner Personally Liable for His Corporation’s Failure to Pay...

Freeman Law on

In a recent case before the Fifth Circuit Court of Appeals, the court was faced with the following question: Whether a business owner could be held personally liable for his corporation’s failure to pay taxes.  Its answer?...more

Adler Pollock & Sheehan P.C.

You Can Relax if Your Estate Plan Includes a SPA Trust

During times of economic and tax law uncertainty, the more flexible your estate plan, the better. As some parts of the country are rebounding economically from effects of the COVID-19 pandemic, other areas continue to...more

Dorsey & Whitney LLP

2020 Recap: Corporate Restructuring Review

Dorsey & Whitney LLP on

Amidst a global pandemic, there were plenty of interesting bankruptcy and restructuring events and changes that occurred in 2020. We saw new Bankruptcy Code amendments go into effect (through the Small Business Reorganization...more

Jones Day

Expanding the Scope of the Bankruptcy Safe Harbor for Securities Transactions

Jones Day on

In 2019, the U.S. Court of Appeals for the Second Circuit made headlines when it ruled that creditors' state law fraudulent transfer claims arising from the 2007 leveraged buyout ("LBO") of Tribune Co. ("Tribune") were...more

Lowndes

Something New for Lenders to Think About: Divisions

Lowndes on

The Delaware legislature has enacted a change to Delaware LLC law that enables a single LLC to divide into two or more LLCs. A similar procedure is available for Delaware limited partnerships, but this article addresses only...more

Bass, Berry & Sims PLC

Chris Lazarini Further Examines Case Involving Advisor’s Effort to Avoid Paying a Promissory Note

Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined further developments in a case involving a former UBS investment advisor’s attempt to prevent the company from collecting on promissory notes the advisor owed to UBS upon...more

Miles & Stockbridge P.C.

Delaware Law Amended to Allow Limited Liability Companies to Divide Assets and Liabilities

The state of Delaware recently enacted an amendment to the Delaware Limited Liability Company Act (the “Act”), effective August 1, 2018, which allows a limited liability company to divide into two or more limited liability...more

Orrick, Herrington & Sutcliffe LLP

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Political Question Doctrine/Foreign Sovereign Immunity Act (FSIA)/ Act of State Doctrine - District Court Dismisses ATS Claim Where Alleged Conduct in US was not Directly Linked to Injuries...more

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