News & Analysis as of

Debt Personal Liability

Cadwalader, Wickersham & Taft LLP

I Would Prefer Not to – a Scriveners Tale – Not Bartleby

On March 5, 2024, the Supreme Court of the State of New York, ruled that an obvious scriveners error in a guaranty, exempting a guarantor from full recourse liability for the loan’s debt, could be corrected to impose personal...more

Patton Sullivan Brodehl LLP

Can an LLC Member be Forced to Contribute to the LLC’s Debts?

Members of an LLC are required to pitch in equally for the LLC’s expenses and debts, right? Generally, no....more

Dechert LLP

Avoiding an Out-of-Court Restructuring May Breach Fiduciary Duties

Dechert LLP on

Introduction Under Delaware law, the board of directors of an insolvent company has wide latitude to pursue good-faith strategies to maximize the value of the firm. Trenwick Am. Litig. Tr. v. Ernst & Young, L.L.P., 906 A.2d...more

Gray Reed

Missing Annual Franchise Tax Reports Can Have Big Consequences

Gray Reed on

A corporate client of the firm was recently sued for breach of contract and other violations. However, the company manager found himself facing a personal liability allegation for the company debts....more

Patterson Belknap Webb & Tyler LLP

Appeals Court Rules That a Discharge Injunction Bars a Fraudulent Transfer Claim Based on a Non-Dischargeable Debt

A discharge of debt in bankruptcy “operates as an injunction against the commencement or continuation of an action, the employment of process, or an act, to collect, recover or offset any such debt as a personal liability of...more

Holland & Hart LLP

Alter Ego: When Individuals May Be Liable for Corporate Debts

Holland & Hart LLP on

Nevada encourages business ventures and entrepreneurism by allowing individuals to form corporations as a shield against personal liability. Generally, individuals are considered separate from the corporations they control....more

Orrick, Herrington & Sutcliffe LLP

COVID-19 UK: Finance & Restructuring – Suspension Of Wrongful Trading And Protecting Directors From Personal Liability – Insight

Note: This Insight has been updated since originally published on March.24.2020 with the title "COVID-19 - Protecting Directors from personal liability during uncertain times". We are amid a black-swan event that is...more

Best Best & Krieger LLP

Best in Law: Take Some Time with Your Minute Book

BB&K Business Attorney Brian Reider Discusses the Importance of Minute Books in the Southern California Newspaper Group - Looking back at the year, one recurring theme emerges with corporate clients and their...more

Pullman & Comley, LLC

Connecticut Moves to Protect Business Owners and Investors

Pullman & Comley, LLC on

This past session, the Connecticut General Assembly has adopted legislation to provide clarity and predictability to business owners and the investors regarding when their personal assets could be at risk because of the...more

Gray Reed

Broad Settlement Discharges Mineral Liens

Gray Reed on

When you prepare, review and/or sign settlement agreements you sometimes pay less attention than you should to the details of those “standard” releases! Acme Energy Services, d/b/a Big Dog Drilling v. Staley et al. says,...more

Allen Matkins

Nevada’s Constitutional Limitation On Shareholder Liability

Allen Matkins on

Article 8, Section 3 of the Nevada Constitution provides: Dues from corporations shall be secured by such means as may be prescribed by law; Provided that corporators in corporations formed under the laws of this State...more

Burr & Forman

Corporate Directors Are Not Personally Liable Under New Tennessee Law

Burr & Forman on

A misunderstanding over recent amendments to Tennessee’s Business Corporation Act has led drafters of Public Chapter No. 60 to issue a statement emphasizing that corporate directors are not personally liable for a company’s...more

Allen Matkins

Where Exactly Is It Written That Shareholders Aren’t Liable For Corporate Debts?

Allen Matkins on

Recently, UCLA Law School Professor Stephen Bainbridge took notice of Section 6.22(b) of the Model Business Corporation Act and asked what might lead a corporation to waive the limited liability of shareholders in its...more

Pullman & Comley, LLC

Potential Personal Liability for Corporate Debts

Pullman & Comley, LLC on

A business experiencing financial difficulty will typically be forced to allocate its scarce resources toward payment of only some of its creditors. In that process, it is important to keep in mind that for some types of...more

14 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide