Opinion ID: 2635243
Heading Depth: 1
Heading Rank: 1

Heading: introduction

Text: In this appeal, we review and reverse Anstine v. Alexander, 128 P.3d 249 (Colo.App. 2005). The court of appeals in this case held that (1) a bankruptcy trustee has standing under section 544(a) of the Federal Bankruptcy Code to pursue a claim against a debtor corporation's attorneys for aiding and abetting a breach of fiduciary duty, and (2) a corporation's attorneys owe a duty to the corporation's creditors to refrain from aiding and abetting a corporate officer in breaching his fiduciary duty. We disagree with the court of appeals' broad holding on the standing issue. Section 544(a) of the Bankruptcy Code creates the trustee's power to avoid transfers and obligations of the debtor, which includes the power to step into the shoes of a hypothetical creditor with a judgment lien against the debtor. A trustee's standing under section 544(a) is determined by the rights of a judgment lien creditor under state law. The court of appeals' holding that Colorado law allows judgment lien creditors to bring any claim available to the debtor corporation misconstrues our prior cases. A hypothetical judgment lien creditor may only bring claims in the name of the corporation in limited circumstances as determined by statute. Under our common law, the creditors of an insolvent corporation are not owed general fiduciary duties by the corporation's officers and directors. Officers and directors of an insolvent corporation owe creditors a duty to avoid favoring their own interests over creditors' claims. This type of claim involving a violation of an insolvent corporate officer's duty was not alleged here. Thus, Anstine lacked standing to sue the attorney defendants on the aiding and abetting claim because the claim against Builder's Home Warranty's president is not cognizable under Colorado law. Because Anstine lacked standing to bring the aiding and abetting claim against the attorney defendants, we do not reach the second issue regarding whether an attorney can be held liable for aiding and abetting a breach of fiduciary duty to a non-client, and thus vacate Part II of the court of appeals' opinion, thereby leaving this issue for another day. We reverse the remainder of the court of appeals' decision and remand this case to be returned to the trial court to dismiss the aiding and abetting claim against the attorney defendants for lack of standing.