Source: http://docplayer.net/1968734-Fiduciary-duties-in-case-of-a-troubled-start-up-company.html
Timestamp: 2017-01-24 10:03:39
Document Index: 449131213

Matched Legal Cases: ['ART 1', 'ART 2', 'art 1', 'art 1', 'art 1', 'art 2', 'art 2']

⭐FIDUCIARY DUTIES IN CASE OF A TROUBLED START UP COMPANY
Download "FIDUCIARY DUTIES IN CASE OF A TROUBLED START UP COMPANY"
Clifton Simpson
1 FIDUCIARY DUTIES IN CASE OF A TROUBLED START UP COMPANY PRESENTATION TO CORONADO VENTURES FORUM March 18, Fiduciary Duty to Creditors. Craig M. Tighe Gray Cary Ware & Freidenrich LLP a. General Rule. Creditors only owed contractual duties; no fiduciary relationship. No duties will be imposed, beyond those articulated in contracts, by use of good faith and fair dealing covenant implied in the contracts. This is true even in the case of debt that is convertible into equity, as courts generally hold that a creditor s right to become an equity holder does not give the creditor the fiduciary protection afforded to shareholders. b. Insolvency Rule. Creditors are owed fiduciary duty if: i. Insolvency. Corporation is insolvent; ii. iii. Vicinity of Insolvency. Corporation is in vicinity of insolvency; or Cause Insolvency or Bring to Vicinity of Insolvency. If an action corporation takes would cause insolvency or bring it to vicinity of insolvency. This insolvency trigger appears to be limited to actions, such as leveraged buyouts, that, upon their completion, would clearly result in corporation being insolvent or in vicinity of insolvency. Delaware courts apply all three of these fiduciary duty triggers. Problem. Courts have yet to articulate standard for determining when a corporation is in vicinity of insolvency. c. Insolvency Test. Courts employ multiple insolvency definitions: i. Balance Sheet Definition. Corporation is insolvent when its liabilities exceed the reasonable market value of its assets. 12 ii. Cash Flow Definition. Corporation is insolvent when it is unable to pay its debts as they become due in the ordinary course of business. iii. Unreasonably Small Capital Test. If corporation has unreasonably small capital, that is, it has a balance sheet that indicates insolvency is reasonably foreseeable, then creditor fiduciary duties arise. Corporation does not need to be the subject of bankruptcy, liquidation or similar proceedings for these tests to apply. Delaware courts employ all three insolvency definitions. Problem. Determining whether a corporation is insolvent under the balance sheet or the cash flow tests is often difficult and subject to second guessing (For example, ascertaining whether a corporation is insolvent under the balance sheet test could be problematic, as the courts, in the fiduciary duty cases, have not indicated whether assets should be valued on a going-concern or a liquidation basis, and these bases can yield significantly different numbers). This is particularly true in the case of early stage technology companies whose business plans are predicated on their ability to raise multiple equity rounds to grow and survive. For such companies, a narrow reading of the cash flow test would suggest that they are insolvent if, prior to achieving positive cash flow under their business models, they will need to raise additional equity and they do not have the commitments for such equity in hand. d. Parties Owing Duty. There is a split of judicial authority, as some courts hold directors and officers both owe creditors the fiduciary duty. Others, though, limit duty to directors. Delaware courts hold that only directors are fiduciaries of creditors. Note: Officers could nevertheless have creditor liability for fiduciary breach if held to have aided and abetted director breach. Although not all jurisdictions recognize aiding and abetting cause of action, Delaware courts have done so. Also, a creditor, such an investor that provides a bridge loan to the corporation, could have aiding and abetting liability in the jurisdictions that recognize such causes of action. Aiding and abetting liability would exist if (1) the directors breached their fiduciary duty to the creditors, (2) a officer or creditor is aware of the breach, and (3) the officer or creditor materially assists or encourages the breach and obtains some benefit from the breach. e. Legal Basis for Fiduciary Duty. i. Trust Fund Doctrine. Once a corporation is insolvent, all of its assets become a trust fund for the benefit of its creditors. 23 ii. Equitable Interest Theory. Once a corporation is insolvent or verging on insolvency, its creditors are its residual owners, and decisions that the directors then make can have a pronounced impact on the creditors and therefore their interests need to be taken into account. Delaware courts generally analyze director creditor fiduciary duties in terms of equitable interest theory. They also apply the trust fund doctrine on occasion. f. Impact of Creditor Fiduciary Duty on Shareholder Duties. The courts are divided on the question whether directors and officers continue to owe shareholders fiduciary duties once they stand as fiduciaries in relation to creditors. Some hold that they cease to be shareholder fiduciaries, while others view them as having fiduciary duties to both constituencies. Delaware courts hold that directors are fiduciaries to both creditors and shareholders, and owe their duties to the corporate enterprise and more specifically that the expanded fiduciary duty is to maximize the value of the corporate enterprise. g. Nature of Fiduciary Duty Owed to Creditors. There is no judicial consensus as to the scope of the fiduciary duties owed to creditors. In some cases, it has been limited to the duty of loyalty, while in others, the duty of care has been implicated as well. Delaware courts, in applying the creditor fiduciary label to directors, require them to observe both the duty of care and the duty of loyalty. i. Duty of Loyalty. (a) (b) Description of Duty. This duty requires directors and officers to act in good faith and in the reasonable belief that their actions are in the corporation s best interests. This duty prohibits self-dealing, such as misappropriation of corporate opportunities. The vast majority of cases in which a breach of fiduciary duty to creditors has been found have involved self-dealing and similar violations of the duty of loyalty. Standard for Determining Compliance. If a director has a personal interest in a transaction, the director s conduct will be judged under the entire or intrinsic fairness standard and the director will bear the burden of proving the overall fairness of the transaction to the corporation. As a practical matter, this means that the court is more likely to second guess the director s actions than it would when the business judgment rule, as described below, governs the analysis of 34 the director s conduct. However, if the transaction is approved by a disinterested majority of the board (or committee of the board), the burden of proof in litigating the transaction would shift to the creditors or other parties challenging the insider transaction. ii. Duty of Care. (a) Description of Duty. This duty requires directors and officers to: carefully monitor the corporation s operations; and act in an informed and thoughtful manner when making decisions, exercising the degree of care that an ordinarily careful and prudent person would use in similar circumstances. (b) (c) Fulfilling the Duty. Based on the judicial pronouncements that the objective, once a corporation is insolvent or on the lip of insolvency, is to maximize the value of the corporate enterprise, it appears that directors conduct, for duty of care purposes, will be measured against this goal. As shown on the worksheet Maximizing the Value of the Corporate Enterprise (Exhibit A to this outline), directors, to fulfill their duties, and to balance the interests of creditors and shareholders, may or may not be obligated to pursue strategies that favor creditors as against shareholders the appropriate course of action turns on expected enterprise values, not likelihood of creditor claims being paid. Standard for Determining Compliance. There has been some judicial controversy regarding the standard by which director and officer actions are to be evaluated in terms of compliance with the duty of care. Some courts (generally those applying the trust fund doctrine) evaluate them under a mere negligence standard, which could easily result in liability being imposed. Others state that the business judgment rule, as in the case of evaluating observance of the duty of care owed to shareholders, is to be applied. This rule presumes that in making a business decision, directors and officers act on an informed basis, in good faith and in the honest belief that it was taken in the corporation s best interest. It largely shields directors and officers from judicial second-guessing. 45 Delaware courts evaluate director conduct, for duty of care purposes, under the business judgment rule. The business judgment rule might not provide as broad protection for directors in shielding them from liability to creditors, as it does in limiting exposure to shareholder liability, as the courts, in applying fiduciary duty to creditor concepts, have been willing to broaden the definition of an interested director transaction. In one case, the court, in evaluating a director s decision to vote in favor of a leveraged buyout (an LBO ) of the corporation, stated that the director, as the representative of a substantial stockholder that would benefit from the LBO, was interested in the LBO, and therefore had to demonstrate the LBO s entire fairness, unless it was approved by a majority of disinterested directors. Thus, the director was labeled an interested party, even though he did not have any interest in the proposed buyer in the LBO. A further issue with the rule is that it only protects actions taken by directors; it does not shield inaction. As a Delaware court has stated, [t]echnically speaking, [the business judgment rule] has no role where directors have either abdicated their functions, or absent a conscious decision, failed to act. Thus, unless directors are vigilant in monitoring a corporation s financial condition and prospects, so that they can ascertain when they may become fiduciaries to the corporation s creditors, and based on such change in duties, make decisions about the corporation s actions, they could be exposed to creditor liability for breach of duty of care. Specifically, their failure to make specific decisions (even if they would have been to stay the course), by depriving them of the business judgment rule s protection, could result in a court closely examining the corporation s operations under the duty of care and concluding that they failed to maximize the corporation s long-term value. Finally, it is possible that a court would discard the business judgment rule in favor of close scrutiny of directors actions if they are selling the insolvent corporation. Under the Revlon doctrine, directors of a Delaware corporation, once they decide to sell the corporation, are obligated to maximize the sales price for the shareholders benefit, and their actions will be judged for their reasonableness in achieving this goal. 56 iii. Applying the Fiduciary Duty. (a) (b) Liquidation. The courts have held that the expansion of directors fiduciary duties to include creditors does not, in and of itself, require the directors to immediately take action to liquidate the corporation s assets and pay the creditors claims, if they reasonably believe that the corporation will be worth more as a going concern. Payment of Creditor Claims. As fiduciaries of creditors, directors are not barred from favoring certain creditors over others when paying claims. They are, however, prohibited from preferring insider creditors (e.g., a creditor affiliated with a director or officer) at the expense of other creditors. This prohibition extends to barring directors and officers from having their insolvent corporation pay third party creditor claims that they have personally guaranteed in preference to non-guaranteed obligations. This prohibition on favoring insider claims and insiderguarantied claims should not apply, though, in terms of favoring insider-related claims that are secured in relation to unsecured third party claims. Note: Directors and officers could be liable for payments on their claims while the corporation is insolvent through invocation of the Uniform Fraudulent Transfer Act (the UFTA ), rather than fiduciary duty principles. Under Section 5(b) of the UFTA, which has been adopted by most states, a payment that an insolvent corporation makes on an insider claim, when the insider has reasonable cause to believe that the corporation is insolvent, can be avoided by any creditor of the corporation with a claim outstanding on the payment date. For a director or officer to escape liability under Section 5(b), he or she would need to demonstrate that the payment was made in the ordinary course of business or financial affairs of the [corporation] and the [director or officer]. (c) Restructuring of Creditor Claims. Although the courts do not appear to have addressed this issue, it should not be a breach of the fiduciary duty to creditors, if an insolvent corporation negotiates with its creditors, to extract concessions, such as debt forgiveness, debt conversions into equity and payment extensions, if the board reasonably believes that such debt adjustments, by reducing current 67 demands on cash flow or otherwise, is what is best for the corporate enterprise. (d) Obtaining Goods and Services on Credit. Directors and officers can breach their fiduciary duty to creditors by having the corporation acquire goods and services on credit when they know there is a significant possibility that the corporation will be unable to pay for them. (e) (f) (g) (h) Shareholder Distributions. Distributions to shareholders, even if they would be lawful under applicable corporate law, cannot be made while creditor claims are outstanding. Resigning as Director. A director might not be able to escape liability to the company s creditors by resigning from the board. If the director, by remaining on the board, could have stopped a course of action that a court determines was a breach of the board s fiduciary duty to creditors, it could hold the resignation was part and parcel of the breach. Assignment for the Benefit of Creditors. In an assignment for benefit of creditors (an ABC ), the corporation s assets are transferred to a trustee, who then liquidates them and pays creditor claims from the proceeds. Once the trustee assumes control, directors no longer have any operational role, and therefore should not have any fiduciary duty liability exposure arising from the liquidation process. However, the directors could incur liability in approving the ABC, if initiating the ABC, rather than another course of action, is a breach of fiduciary duty. Fraudulent Transfers. Directors approving a fraudulent conveyance while the corporation is insolvent have been held to breach their fiduciary duty to the creditors. h. Availability of Statutory and Contractual Protections from Liability. It is unclear whether the provisions in a corporations articles or certificate of incorporation that limit directors and officers liability for breaches of fiduciary duty would be available to shield directors and officers from liability to creditors for fiduciary breaches. While some courts have applied those provisions to creditor fiduciary breaches, others have ruled that they apply only to liability to the corporation or its shareholders, and therefore are not binding on creditors who were not parties to such contractual provisions. Even if a court holds that such indemnification provisions are enforceable, they are likely to have little, if any, value in a 78 start up company that has wound down its operations, as it unlikely to have the assets to cover indemnification claims when they arise. i. Availability of Insurance Coverage. The typical directors and officers ( D&O ) liability insurance policy will protect directors and officers against creditor breach of fiduciary duty claims. This coverage generally covers both the costs of defending against such claims as well as indemnification for settlements or judgments. D&O policies contain conditions and exclusions that limit coverage. The most typical exclusion asserted by insurers in this context is the so-called insured vs. insured exclusion. While the language of this exclusion varies materially, in its broader form claims by a bankruptcy trustee, or even a creditors committee, arguably may be excluded. Although courts generally have not been receptive to such insurer arguments, many insureds now insist, when negotiating renewal of their D&O policies, that the exclusion be worded to specifically note that claims by bankruptcy trustees and/or creditors committees do not fall within its ambit. Unfortunately, the typical start up company does not maintain D&O coverage, so that the policy coverage issue is likely to be moot. j. General Guidelines for Action. i. Determining When Duty Arises. The uncertainties involved in determining insolvency, and the lack of judicial guidance on what is the vicinity of insolvency for purposes of the fiduciary duty shift or expansion place directors and officers at risk of judicial second-guessing as to when the fiduciary duty to creditors commenced. These uncertainties notwithstanding, certain transactions, if undertaken while a corporation is less than financially robust, would affect the corporation s equity and debt interests differently. Consequently, the prudent course for management is to assume that the fiduciary duties have expanded to protect creditors, and to evaluate and undertake the transactions in light of such expanded duties. Ironically, for early-stage technology companies that must live from round to round of financing, without certainty that next equity raise or debt financing will be successful, this problem is probably ameliorated under one or more of the insolvency tests, they have a high probability of being deemed insolvent, when viewed retrospectively, and therefore their management probably would be best advised to operate as though they owed their duties to the corporate enterprise. 89 Such a cautious course of action should reduce the risk of a successful creditor fiduciary breach claim. However, it may expose the directors to a shareholder fiduciary breach challenge, if the corporation proves to have been solvent and the directors did not pursue a course to maximize shareholder value. While there is case law that directors do not have a per se duty to maximize shareholder value in the short term, it is not certain that the courts would apply such holding in this context. ii. Fulfilling Duty. To fulfill their duty of care, management needs to be attentive and pro-active once the corporation is experiencing financial difficulties. Only in this way will it be possible to obtain the protection afforded by the business judgment rule. Management, before undertaking any major action, should carefully evaluate the alternatives open to it, and should make a record, along the lines of the worksheet attached as Exhibit A, of the expected values and impacts of the alternative courses. All of this information, and the board s deliberations and decisions based on it, should be memorialized in board minutes. To the extent possible and appropriate, the board should have financial advisors and other experts provide input and guidance on the alternatives. While all this analysis is speculative and reasonable minds can differ on the assumptions and modeling embodied in such analysis, it should insulate the board from legal attack, on fiduciary breach grounds, if the analysis and the board s actions are considered under the business judgment rule. 2. Fiduciary Duty to Preferred Shareholders. a. Duty with Respect to Preferences. In general, a corporation s directors and officers do not owe the corporation s preferred shareholders any fiduciary duty with respect to protecting the preferred s rights and privileges (e.g., liquidation preference). Instead, as is the general rule for creditors, preferred shareholders must rely on their contractual rights. Moreover, as in the case of creditors, the courts have refused to use the good faith and fair dealing covenant to expand the preferred s rights and preferences beyond their specific contractual terms-- directors and officers, in making decisions, will not be required, based on the covenant, to take into account preferred shareholder interests beyond those specifically articulated in the preferred s rights and preferences. b. General Fiduciary Duty to Shareholders. The fiduciary duties that directors and officers owe to preferred shareholders as equity holders are the same duties that are owed to the common shareholders. More 910 importantly, if the interests of the preferred and the common diverge, the courts have not applied these duties, such as the duty of loyalty, to require the preferred s interests to be placed ahead of the common s. For example, a court rejected the claim that the directors decision to borrow funds to keep the corporation operating, in hopes that it would successfully complete its product development, amounted to a breach of their fiduciary duty to the preferred, given that the corporation could have liquidated and paid the preferred their full liquidation preference, while the continued product development could result in the corporation s failure and no funds being available to cover the liquidation preference. It stated that generally it will be the duty of the board, where discretionary judgment is to be exercised, to prefer the interests of the common stock as the good faith judgment of the board sees them to be to the interests created by the special rights, preferences, etc. of preferred stock. c. Impact of Insolvency or Vicinity of Insolvency Determination. The fiduciary standard owed to preferred shareholders is not enhanced or otherwise altered if the corporation is insolvent or in the vicinity of insolvency. The duty owed continues to be the same duty owed to the common, with the board and officers continuing to have the right to make decisions that impose greater risks on the preferred, for the potential benefit of the common, so long as the decisions do not breach specific contractual rights that the preferred hold. 3. Fiduciary Duty of Majority Shareholder to Minority Shareholders. A majority shareholder is a fiduciary to minority shareholders, whether the company is solvent or insolvent. This basically means that the majority shareholder cannot use its control of the corporation to obtain an unfair advantage, as an equityholder, at the minority s expense. For example, a majority shareholder was held to have breached this duty when he organized a new entity, sold the corporation s assets to it on terms that were unfair to the selling shareholders and the corporation. This fiduciary duty should not restrict a controlling shareholder or group of shareholders from exercising their rights as non-shareholders, though. For example, if a majority shareholder is also a creditor, it should be able to freely exercise its rights and remedies as such without breaching any fiduciary duty. As one court noted [a] controlling shareholder is not required to give up legal rights that arise in a non-shareholder capacity. For example, a court recently held that a controlling shareholder that purchased a bank s secured loan to the corporation, and then foreclosed it and obtained control of the corporation s operations, did not breach any fiduciary duty to creditors. It further ruled that the directors, since they could not control the foreclosure s terms, did not breach any fiduciary duties. Note, though, that if a controlling shareholder makes a loan to its corporation that a court recharacterizes as disguised equity, the corporation s 1011 and majority shareholder s handling of the loan could be subject to scrutiny under the fiduciary duty to minority shareholders standards. 4. Fiduciary Duties of Creditors a. General Rule. A creditor of a corporation generally does not owe any fiduciary duty to other creditors of the corporation. Consequently, normally it does not need to consider the impact of its actions, such as exercise of its rights and remedies against the corporation during a default, on the other creditors. Moreover, a creditor generally does not owe any duty to the corporation or to the other creditors to restructure its claim against the corporation if the corporation is encountering financial difficulties. b. Exceptions. i. Misrepresentations. A creditor could incur liability to other creditors if provides misleading information to them, for example in connection with a restructuring, and the other creditors, in relying on such misrepresentations, are harmed. ii. Unfair Advantage/Imposition of Harm. In a bankruptcy proceeding, a creditor s claim can be equitably subordinated to other creditors claims to the extent that the bankruptcy court determines that the subordinated creditor engaged in improper conduct pre-bankruptcy that conferred an unfair advantage on the creditor or harmed the other creditors. The risk of equitable subordination is greatest for insider claims, as an insider is more likely to be in a position to manipulate the corporation s affairs to its benefit. 1112 Assumptions: EXHIBIT A MAXIMIZING THE VALUE OF THE CORPORATE ENTERPRISE Corporation has $10,000 in debts and $8,000 in assets Corporation is insolvent for creditor fiduciary duty purposes Corporation s directors have duty to maximize the value of the corporate enterprise Corporation has option of pursuing Transaction A, B or C Transaction Potential Post- Transaction Value of the Corporation Corporate Enterprise Value Value of Transaction for Creditors Value of Transaction for Shareholders Conclusion/Decision A [ Liquidation Strategy ] 100%=$8,500 $8,500 $8,500 0 Creditors favor this transaction, as provides greatest assurance of full payment. B [ High Risk Strategy ] 10%=$50,000 90%=$200 $5,180 (.10x 50, x 200) $1,180 (.10x 10, x200) $4,000 (.10x 40, x 0) Shareholders favor this transaction, as provides greatest potential return. But it is highest risk strategy, leaving corporation with lowest expected value. C [ Moderate Risk Strategy ] 40%=$15,000 60%=$6,000 $9,600 (.40x 15, x 6,000) $7,600 (.40x 10, x 6,000) $2,000 (.40x 5, x 0) This transaction is optimal from corporate value level, but is NOT best transaction from creditor standpoint. 12 Similar documents
THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing More information Directors Duties in the Zone of Insolvency
Directors Duties in the Zone of Insolvency 2 0 0 7 N A TIONAL DIRECTORS INSTITUTE 2007 Foley & Lardner LLP Attorney Advertising Prior results do not guarantee a similar outcome 321 N. Clark Street, Suite More information FIDUCIARY DUTIES OF THE BOARD UPON THE FINANCIAL DISTRESS OF A COMPANY The dilemma whether to file for bankruptcy
FIDUCIARY DUTIES OF THE BOARD UPON THE FINANCIAL DISTRESS OF A COMPANY The dilemma whether to file for bankruptcy HON. MARTIN GLENN U.S. BANKRUPTCY JUDGE SOUTHERN DISTRICT OF NEW YORK 1 OPERATING WHILE More information A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.
Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency More information Common Bankruptcy Concerns for Lenders
Types of Bankruptcy, and Eligibility Common Bankruptcy Concerns for Lenders The U.S. Bankruptcy Code is divided into several different chapters. Some chapters are applicable to all types of bankruptcy More information IN TODAY S TROUBLED ECONOMY, DOWN
Navigating Down Round Financings: A Guide for VCs IN TODAY S TROUBLED ECONOMY, DOWN round financings have almost become the norm, as many portfolio companies ( PCs ) are forced to raise money by selling More information When The Board Faces Bankruptcy
When The Board Faces Bankruptcy by Craig A. Barbarosh and Karen B. Dine Often, corporate boards do not consider how to handle a company bankruptcy until the moment insolvency is looming. As a result, poor, More information Camouflaged Collateral: "All Asset" Liens May Not Include Proceeds of D&O Insurance Policies in Bankruptcy
Camouflaged Collateral: "All Asset" Liens May Not Include Proceeds of D&O Insurance Policies in Bankruptcy Article contributed by Lawrence V. Gelber and James T. Bentley of Schulte Roth & Zabel LLP As More information Best Practices for Bridge Financing Lenders in California
April 2012 Best Practices for Bridge Financing Lenders in California BY ROB R. CARLSON, NASYM KORLOO & HEWOT F. SHANKUTE Financing sources providing debt commitments (which we will refer to in this article More information An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer
An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent More information Bankruptcy Basics June 9, 2009
Bankruptcy Basics June 9, 2009 Brooks Hamilton Haynes and Boone, LLP www.haynesboone.com Purposes of bankruptcy Mechanism to allow person or company that cannot pay creditors to resolve debts through division More information Director Conduct in the Face of Corporate Insolvency
Director Conduct in the Face of Corporate Insolvency by David A. Jaffe In the current economic environment, risk and uncertainty seem to be the dominant themes of the day. While the future remains murky, More information AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF EASTMAN CHEMICAL COMPANY
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF EASTMAN CHEMICAL COMPANY ORIGINAL CERTIFICATE OF INCORPORATION FILED WITH SECRETARY OF STATE OF DELAWARE ON JULY 29, 1993; AMENDMENTS FILED ON DECEMBER More information The Company Director Checklist United States
The Company Director Checklist United States Contact: dbatterson@jenner.com Item Section Check Before Appointment Understand fiduciary duties and protections, expected committee service, governance 1 procedures, More information Duties in Georgia and Delaware LLCs Presented by:
Duties in Georgia and Delaware LLCs Presented by: Charles R. Beaudrot, Jr. Morris, Manning & Martin, LLP 3343 Peachtree Road, NE Atlanta, GA 30326 cbeaudrot@mmmlaw.com Phone: 404-504-7753 DUTIES IN GEORGIA More information ALTERNATIVE BUSINESS ENTITIES: LIABILITY AND INSURANCE ISSUES. Prepared by Dan A. Bailey
BAILEY CAVALIERI LLC ATTORNEYS AT LAW One Columbus 10 West Broad Street, Suite 2100 Columbus, Ohio 43215-3422 telephone 614.221.3155 facsimile 614.221.0479 www.baileycavalieri.com ALTERNATIVE BUSINESS More information The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases
May 2005 The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases On April 14, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of More information AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF SCIENCE APPLICATIONS INTERNATIONAL CORPORATION FIRST: NAME. The name of the Corporation is Science Applications International Corporation. SECOND: ADDRESS. More information LLC Comparison Chart (January 2015)
OPERATING AGREEMENT Mechanics LLC Comparison Chart Centralization of key provisions in operating agreement Centralization - 105-107 Contain three key provisions dealing with the operating agreement: 105 More information REPORT BY THE CORPORATION LAW COMMITTEE RECOMMENDING ADOPTION BY NEW YORK STATE OF THE REVISED UNIFORM LIMITED LIABILITY COMPANY ACT EXECUTIVE SUMMARY
Contact: Maria Cilenti - Director of Legislative Affairs - mcilenti@nycbar.org - (212) 382-6655 REPORT BY THE CORPORATION LAW COMMITTEE RECOMMENDING ADOPTION BY NEW YORK STATE OF THE REVISED UNIFORM LIMITED More information Ohio State Bar Foundation. January 29, 2015. A Primer on Board Fiduciary Responsibility
Ohio State Bar Foundation January 29, 2015 A Primer on Board Fiduciary Responsibility William J. Culbertson, Esq. Baker & Hostetler LLP 3200 PNC Center 1900 East 9 th Street Cleveland, Ohio 44114 Telephone: More information The Process of Incorporation vs. LLC Formation By: Brandon M. Schwartz
The Process of Incorporation vs. LLC Formation By: Brandon M. Schwartz INTRODUCTION One of the first legal issues entrepreneurs face is what type of entity they should form. This article focuses on and More information COMPLIANCE WITH REGULATION U: A REFRESHER. by Barry W. Hunter
COMPLIANCE WITH REGULATION U: A REFRESHER by Barry W. Hunter Complying with Regulation U 1 (herein sometimes referred to as the "Regulation") involves more than just including in the loan documents a covenant More information This article will focus on select key differences between the New Jersey Act and the Delaware Act.
By New Jersey Law Journal, June 16, 2014 You are advising a client regarding the organization of a new business venture to be based in New Jersey. You have determined to recommend a limited liability company More information Restructuring Overview: Chapter 11. Renée M. Dailey June 28, 2013
Restructuring Overview: Chapter 11 Renée M. Dailey June 28, 2013 What is Chapter 11? A chapter contained in title 11 of the United States Code (the "Bankruptcy Code") which provides for the reorganization, More information U.S. Bankruptcy Basics
SHEPPARD MULLIN SHEPPARD MULLIN RICHTER & HAMPTON LLP A T T O R N E Y S A T L A W U.S. Bankruptcy Basics Sheppard, Mullin, Richter & Hampton LLP Edward H. Tillinghast, III etillinghast@sheppardmullin.com More information BUYING AND SELLING ASSETS FROM AN ENTITY IN CHAPTER 11
BUYING AND SELLING ASSETS FROM AN ENTITY IN CHAPTER 11 Francis P. Dicello, Esq. I. Sources of Financial Information for Troubled Companies A. Nonbankruptcy Sources 1. Lien Judgment Search 2. Reports to More information Risk Factors Relating to NWR s Debt
Risk Factors Relating to NWR s Debt The following is a brief summary of certain risks related to the 7.375% Senior Notes of NWR due 2015 (the 2015 Notes ) and the 7.875% Senior Secured Notes of NWR due More information Uniform Limited Liability Company Act
STATE OF NEW JERSEY NEW JERSEY LAW REVISION COMMISSION Final Report Relating to Uniform Limited Liability Company Act December, 2011 John M. Cannel, Esq., Executive Director NEW JERSEY LAW REVISION COMMISSION More information Bankruptcy Remote Structuring
Bankruptcy Remote Structuring by David W. Forti April 1-3, 2001 Copyright 2001 Dechert. All rights reserved. Materials have been abridged from laws, court decisions and administrative rulings and should More information Case 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10
Document Page 1 of 10 Eric A. Liepins ERIC A. LIEPINS, P.C. 12770 Coit Road Suite 1100 Dallas, Texas 75251 Ph. (972) 991-5591 Fax (972) 991-5788 ATTORNEYS FOR DEBTOR IN THE UNITED STATES BANKRUPTCY COURT More information Corporate Insolvency Law In Singapore
Corporate Insolvency Law In Singapore The Legal Consequences of Corporate Insolvency Insolvency is a term generally used to describe a legal person s state of financial affairs. Specifically insolvency More information LAWYER-DIRECTORS: AN ENDANGERED SPECIES
BAILEY CAVALIERI LLC ATTORNEYS AT LAW One Columbus 10 West Broad Street, Suite 2100 Columbus, Ohio 43215-3422 telephone 614.221.3155 facsimile 614.221.0479 www.baileycavalieri.com LAWYER-DIRECTORS: AN More information INVOLUNTARY BANKRUPTCIES
INVOLUNTARY BANKRUPTCIES Joseph S.U. Bodoff Bodoff & Associates, P.C. How It Works The statutory provisions dealing with involuntary bankruptcies are contained in section 303 of the Bankruptcy Code. There More information REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections
REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited More information Creditors involved with a bankrupt debtor face many hurdles to obtain
Richards, Layton & Finger, PA Substantive consolidation of affiliated debtors in bankruptcy Substantive consolidation of affiliated debtors in bankruptcy: creditors beware! Daniel J DeFranceschi, director More information Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com
Advanced Bankruptcy for Bankers Candace C. Carlyon, Esq. www.sheacarlyon.com 1 Pre Bankruptcy Review loan files, confirm collateral security, obtain as much information as possible Consider timing of remedies More information Guide For Directors Of Insolvent Companies In The Cayman Islands
Guide For Directors Of Insolvent Companies In The Cayman Islands This guide provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent. Any queries More information Jenifer L. Frohne. 10860389v7
MINNESOTA REVIS SED UNIFORM LIMITED LIABILITY COMPANY ACT Stephen M. Quinlivan David C. Jenson Jenifer L. Frohne Robert D. Rominski Stinson Leonard Street LLP April 11, 2014 TABLE OF CONTENTS Forming a More information INSOLVENCY AND AVAILABLE OPTIONS
INSOLVENCY AND AVAILABLE OPTIONS Corporations Act 2001 - Section 95A 95A Solvency and insolvency (1) A person is solvent if, and only if, the person is able to pay all the person's debts as and when they More information 30-1. CHAPTER 30 Financial Distress. Multiple Choice Questions: I. DEFINITIONS
CHAPTER 30 Financial Distress Multiple Choice Questions: I. DEFINITIONS FINANCIAL DISTRESS c 1. Financial distress can be best described by which of the following situations in which the firm is forced More information Insolvency: a guide for directors
INFORMATION SHEET 42 Insolvency: a guide for directors This information sheet provides general information on insolvency for directors whose companies are in financial difficulty, or are insolvent, and More information DISSOLVING A CORPORATION IN NEW JERSEY. By Gianfranco A. Pietrafesa * There are countless reasons why a corporation may choose to dissolve, from the
DISSOLVING A CORPORATION IN NEW JERSEY By Gianfranco A. Pietrafesa * There are countless reasons why a corporation may choose to dissolve, from the unfortunate instance where the corporation s business More information An Introduction To Insolvency - Part 1
An Introduction To Insolvency - Part 1 An Introduction To Insolvency - Part 1 Introduction A company (or LLP) will be considered to be insolvent if it is unable to pay its debts. A person can be insolvent, More information ERISA Causes of Action *
1 ERISA Causes of Action * ERISA authorizes a variety of causes of action to remedy violations of the statute, to enforce the terms of a benefit plan, or to provide other relief to a plan, its participants More information BANKRUPTCY ISSUES CONCERNING CALIFORNIA NONPROFITS AFFECTED BY THE ECONOMIC DOWNTURN
BANKRUPTCY ISSUES CONCERNING CALIFORNIA NONPROFITS AFFECTED BY THE ECONOMIC DOWNTURN Publication Date: August 2009 This information sheet is published as part of Public Counsel s Turning the Tide program, More information ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE
ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE By John E. Mitchell, Baker & McKenzie, LLP (Dallas) (john.mitchell@bakermckenzie.com) and Angela B. Degeyter, More information THE ROLE OF THE UNSECURED CREDITORS COMMITTEE
223 Fourth Avenue, Suite 1700 Pittsburgh, Pennsylvania 15222-1713 (412) 232-0113 / (412) 232-0502 Facsimile THE ROLE OF THE UNSECURED CREDITORS COMMITTEE Property of The Meridian Group - Not to be reproduced More information MUSIC RESOURCES TERMS AND CONDITIONS FOR SCHOOLS ( Conditions )
MUSIC RESOURCES TERMS AND CONDITIONS FOR SCHOOLS ( Conditions ) Please ensure all relevant staff have read and understood these Conditions before signing. Please complete, sign and return the Music Resources More information United Kingdom. Tristan Hall Sarah Hills Sedgwick Detert, Moran & Arnold LLP. 1. Directors duties
Tristan Hall Sarah Hills Sedgwick Detert, Moran & Arnold LLP 1. Directors duties 1.1 Nature of the duties In the United Kingdom, directors owe fiduciary duties and a duty of care to their companies. Until More information The sole proprietor is free to make any decision he or she wishes to concerning the business. The major disadvantage is
Chapter 11 Corporate Governance & Business Organizations An entrepreneur is one who initiates and assumes the financial risks of a new enterprise and undertakes to provide or control its management. One More information Duties and Responsibilities of Cooperative Board Members
Duties and Responsibilities of Cooperative Board Members By Kathryn Sedo Members of the board of directors of a cooperative have the same duties and responsibilities as do board members of any other business. More information MEMORANDUM. Jeff Flora. Dave Shay, Lance Formwalt, Jack Selzer. DATE: June 23, 2010. Dealer Personal Guaranties
MEMORANDUM TO: FROM: Jeff Flora Dave Shay, Lance Formwalt, Jack Selzer DATE: June 23, 2010 SUBJECT: Dealer Personal Guaranties Tightening credit standards and a lack of competition in financing sources More information Directors and officers liability best practices guidelines
Directors and officers liability best practices guidelines DIRECTORS AND OFFICERS LIABILITY BEST PRACTICES GUIDELINES INTRODUCTION A continuing challenge to all business is the efficient functioning of More information SHORT SALES BY BANKRUPTCY TRUSTEES: AN EVOLVING TREND. by Jeffrey L. Smoot
Jeffrey L. Smoot Oles Morrison Rinker & Baker LLP 701 Pike Street, Suite 1700 Seattle, WA 98101 (206) 623-3427 smoot@oles.com SHORT SALES BY BANKRUPTCY TRUSTEES: AN EVOLVING TREND by Jeffrey L. Smoot The More information BPEP Workshop Financing your Company (part 2) Corporate Structure and Managing Debt
BPEP Workshop Financing your Company (part 2) Corporate Structure and Managing Debt October 21, 2013 Scott D. Elliott Partner, Ropes & Gray scott.elliott@ropesgray.com 415-315-6379 Ryan A. Murr Partner, More information A guide for directors of subsidiary companies in the US. August 2011
A guide for directors of subsidiary companies in the US August 2011 Welcome to our guide for directors and prospective directors of subsidiary companies in the US. While the duties of a subsidiary company More information Overview of U.S. Bankruptcy Law and Procedure: Dealing with Customers in These Troubled Economic Times
Overview of U.S. Bankruptcy Law and Procedure: Dealing with Customers in These Troubled Economic Times By: Richard R. Lury, Partner Benjamin D. Feder, Special Counsel Kelley Drye & Warren LLP During the More information LAWCASTLES TECHNICAL PAPERS
LAWCASTLES TECHNICAL PAPERS PAPER NO. 1 OF 2006 Statutory Corporate Insolvency Procedures in Tanzania Introduction This paper reviews statutory corporate insolvency procedures in Tanzania. The paper discusses More information AMERICAN COLLEGE OF BANKRUPTCY INTERNATIONAL INSOLVENCY INSTITUTE JOINT DISCUSSION PANEL MARCH 18, 2005
AMERICAN COLLEGE OF BANKRUPTCY INTERNATIONAL INSOLVENCY INSTITUTE JOINT DISCUSSION PANEL MARCH 18, 2005 UNCITRAL LEGISLATIVE GUIDE TREATMENT OF FINANCING INSOLVENCY PROCEEDINGS DANIEL M. GLOSBAND GOODWIN More information IBA Guide on Shareholders Agreements
IBA Guide on Shareholders Agreements California, USA Douglas Young Baker & McKenzie 1. Are shareholders agreements frequent in California? Shareholders agreements are very common for privately held California More information Bermuda is a major offshore business jurisdiction with more than 13,500
Bermuda Kehinde AL George, partner Attride-Stirling & Woloniecki Peter CB Mitchell, senior partner PricewaterhouseCoopers Bermuda is a major offshore business jurisdiction with more than 13,500 registered More information I. The What, Who, Why and When of Plan Support Agreements
I. The What, Who, Why and When of Plan Support Agreements A. The What (12:15-12:30): An agreement setting forth the terms of a plan of reorganization signed by the Debtor and the Debtors' stakeholders More information What You Should Know About General Agreements of Indemnity and Why You Should Know It
What You Should Know About General Agreements of Indemnity and Why You Should Know It Summary When a contractor (for purposes of this discussion, contractor includes subcontractor) first seeks surety credit, More information Sacramento Natural Foods Cooperative SERIES B, C & D PREFERRED STOCK PURCHASE AGREEMENT
Sacramento Natural Foods Cooperative SERIES B, C & D PREFERRED STOCK PURCHASE AGREEMENT THIS Series B, C and D PREFERRED STOCK PURCHASE AGREEMENT (this Agreement ) is made as of, by and between Sacramento More information BANKRUPTCY ISSUES RELATED TO MORTGAGE FORECLOSURES
TABAS FREEDMAN Attorneys One Flagler Building 14 Northeast First Avenue, Penthouse Miami, Florida 33132 Telephone 305.375.8171 Facsimile 305.381.7708 www.tabasfreedman.com Gary M. Freedman gfreedman@tabasfreedman.com More information THIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF DYNEGY INC. Pursuant to Section 303 of the Delaware General Corporation Law
THIRD AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF DYNEGY INC. Pursuant to Section 303 of the Delaware General Corporation Law Dynegy Inc., a corporation duly organized and validly existing under More information BANKRUPTCY TERMINOLOGY
ADVERSARY PROCEEDING BANKRUPTCY TERMINOLOGY A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. ASSUME An agreement to continue performing More information Province of Alberta LIMITATIONS ACT. Revised Statutes of Alberta 2000 Chapter L-12. Current as of December 17, 2014. Office Consolidation
Province of Alberta LIMITATIONS ACT Revised Statutes of Alberta 2000 Current as of December 17, 2014 Office Consolidation Published by Alberta Queen s Printer Alberta Queen s Printer 5 th Floor, Park Plaza More information ----------------------------- )
UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re: Phoenix Payment Systems, Inc., Debtor. ----------------------------- Chapter 11 Case No. 14-11848 (MFW Re: D.l. 540 ORDER APPROVING SETTLEMENT More information Bankruptcy and Restructuring
doing business in Canada 102 p Bankruptcy and Restructuring 1. Legislation and Court System The Canadian bankruptcy and insolvency regime is divided between the federal and provincial levels of government More information [SIGNATURE PAGE FOLLOWS]
[ ] TERM SHEET FOR SUBORDINATED VARIABLE PAYMENT DEBT (DEMAND DIVIDEND) THIS TERM SHEET outlines the principal terms of a proposed financing for [ ] (hereafter, the Company ), a [ ] corporation by [ ] More information A GUIDE TO COMPANY INSOLVENCY & LIQUIDATION
A GUIDE TO COMPANY INSOLVENCY & LIQUIDATION P: (09) 551 3631 E: admin@norrie.co.nz W: norrie.co.nz Contents Introduction... 2 Definitions... 3 Meaning of Board... 3 Meaning of director... 3 Meaning of More information Notice of Formation Meeting for Official Committee of Unsecured Creditors
Office of the United States Trustee District of Delaware 844 King Street, Suite 2207 Wilmington, DE 19801 Tel. No. (302) 573-6491 Fax No. (302) 573-6497 IN RE: Chapter 11 Boomerang Tube, LLC, et al. Debtors. More information Intellectual Property Rights and Strategies in Bankruptcy
Intellectual Property Rights and Strategies in April 2009 2009 Morrison & Foerster LLP All Rights Reserved I. Market Overview II. The Rise and Importance of Intellectual Property Rights III. Strategies More information When Bankruptcy May Strike Your Customer, Supplier, or Contractual Counter-Party: Maximizing Your Creditor Rights and Remedies and Minimizing Risks
When Bankruptcy May Strike Your Customer, Supplier, or Contractual Counter-Party: Maximizing Your Creditor Rights and Remedies and Minimizing Risks David McKee, Metaldyne Corporation Jill L. Murch, Foley More information VERIZON COMMUNICATIONS INC. RESTATED CERTIFICATE OF INCORPORATION
VERIZON COMMUNICATIONS INC. RESTATED CERTIFICATE OF INCORPORATION May 8, 2014 RESTATED CERTIFICATE OF INCORPORATION OF VERIZON COMMUNICATIONS INC. Verizon Communications Inc., a corporation organized and More information Directors and Officers Liability Insurance in Bankruptcy Settings What Directors and Officers Really Need to Know
Directors and Officers Liability Insurance in Bankruptcy Settings What Directors and Officers Really Need to Know April 30, 2010 By Paul A. Ferrillo While director and officer ( D&O ) liability insurance More information Shareholder claims against insolvent companies: Implications of the Sons of Gwalia decision
17 December 2007 Mr John Kluver Executive Director CAMAC Level 16 60 Margaret Street SYDNEY NSW 2000 By mail and by email: john.kluver@camac.gov.au Dear John Shareholder claims against insolvent companies: More information Summary Outline of Mississippi Revised LLC Act (House Bill 683)
Summary Outline of Mississippi Revised LLC Act (House Bill 683) In General The Revised Act is very friendly to small business but also supports freedom of contract principles. Existing LLCs that have written More information More M&A activity over the next 18 months is expected
Yoo Jaechang/TongRo Images/Corbis The Board s Role in M&A Transactions In her regular column on corporate governance issues, Holly Gregory explains recent developments that add complexity to a board s More information Duties of the directors of companies in financial difficulties. slaughter and may. October 2010
Duties of the directors of companies in financial difficulties slaughter and may October 2010 Contents 1. Introduction 01 2. Overview 01 3. Practical guidance 02 4. Common law, statutory and regulatory More information Shareholder Dispute Litigation Insights. Gary V. Mauney, Esq. Introduction
Shareholder Dispute Litigation Insights Directors Duties to Common versus Preferred Shareholders The Aftermath of the Delaware Chancery Court s Decision in the In re Trados Inc. Shareholder Litigation More information OUT-OF-COURT RESTRUCTURING GUIDELINES FOR MAURITIUS
These Guidelines have been issued by the Insolvency Service and endorsed by the Bank of Mauritius. OUT-OF-COURT RESTRUCTURING GUIDELINES FOR MAURITIUS 1. INTRODUCTION It is a generally accepted global More information The interpretations, opinions, and conclusions expressed in this presentation are entirely those of the author. They do not necessarily represent the
The interpretations, opinions, and conclusions expressed in this presentation are entirely those of the author. They do not necessarily represent the views of the Turnaround Management Association or the More information United States Bankruptcy Court District of
B25B (Official Form 25B) (12/08) United States Bankruptcy Court District of In re, Case No. Debtor Small Business Case under Chapter 11 [NAME OF PLAN PROPONENT] S DISCLOSURE STATEMENT, DATED [INSERT DATE] More information Corporation or LLC? Ten Differences to Consider (Other Than Taxation) WH ITE PAPER
Corporation or LLC? Ten Differences to Consider (Other Than Taxation) WH ITE PAPER CT Representation Services CORPORATION OR LLC? TEN DIFFERENCES TO CONSIDER (OTHER THAN TAXATION) One of the first and More information Insurance in Bankruptcy
Fear of Losing D&O Insurance in Bankruptcy Is Overblown B y P a t r i c i a J. V i l l a r e a l a n d D o u g l a s R. C o l e he typical D&O insurance policy covers not only a company s directors and More information INTERNATIONAL INSURANCE SERVICES AND RISK MANAGEMENT
INTERNATIONAL INSURANCE SERVICES AND RISK MANAGEMENT Directors & Officers Liability D&O Insurance Service is our passion CONTENTS Legal framework of statutory and supervisory board members liability in More information THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF GEORGIA MACON DIVISION
Case 5:10-cv-00044-CAR Document 280 Filed 11/18/11 Page 1 of 14 THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF GEORGIA MACON DIVISION TERRY CARTRETTE TINDALL, : : Plaintiff, : v. : Civil Action More information Title 13-B: MAINE NONPROFIT CORPORATION ACT
Title 13-B: MAINE NONPROFIT CORPORATION ACT Chapter 7: DIRECTORS AND OFFICERS Table of Contents Section 701. BOARD OF DIRECTORS... 3 Section 702. NUMBER AND ELECTION OF DIRECTORS... 3 Section 703. VACANCIES... More information Judicial Management, Scheme of Arrangement and Winding Up in Singapore. Copyright Colin Ng & Partners LLP 1
Judicial Management, Scheme of Arrangement and Winding Up in Singapore Copyright Colin Ng & Partners LLP 1 Introduction Economic crisis many companies hit by cash flow problems and financial difficulties. More information Insolvency: a glossary of terms
INFORMATION SHEET 41 Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general More information Introduction to the New Company Law of the People s Republic of China
Introduction to the New Company Law of the People s Republic of China Author: Steven M. Dickinson Harris & Moure I. Introduction On October 27, 2005, the People s Republic of China adopted a new Company More information FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization
Agricultural Business Management FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization Phillip L. Kunkel, Jeffrey A. Peterson Attorneys, Gray Plant Mooty INTRODUCTION Chapter 12 was added to More information SEMPRA ENERGY. Corporate Governance Guidelines. As adopted by the Board of Directors of Sempra Energy and amended through September 12, 2014
SEMPRA ENERGY Corporate Governance Guidelines As adopted by the Board of Directors of Sempra Energy and amended through September 12, 2014 I Role of the Board and Management 1.1 Board Oversight Sempra More information So You Don t Know Much About the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? A Summary of the Significant Business Provisions
So You Don t Know Much About the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? A Summary of the Significant Business Provisions Written by: R. Spencer Clift III Courtney H. Gilmer Eric More information Insolvency Law Newsletter Switzerland Director's Duties & Liabilities in Distressed Companies
Insolvency Law Newsletter Switzerland Director's Duties & Liabilities in Distressed Companies What steps should a Board undertake when it realises that a company is in financial difficulties from a management More information Insolvency: a glossary of terms
Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general guidance only. Many More information GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS
GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. When is a Company Insolvent under Cayman Islands Law? 2 3. Formal Insolvency Procedures 2 4. Creditors Rights 4 5. Voidable More information 2017 © DocPlayer.net Privacy Policy | Terms of Service | Feedback