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The United States Bankruptcy Court for the District of Delaware on May 30, 2008 issued a memorandum opinion in which it refused to dismiss claims of breach of fiduciary duty against directors and officers of a company who approved the sale of the company’s assets on the eve of its filing for bankruptcy protection
Imagine a scenario in which you have a long standing relationship with an important customer and you learn that this customer is running into financial difficulties
If you are a creditor of a Delaware limited liability company and wish to pursue derivative claims on behalf of an insolvent company against the company’s present or former managers based on breaches of fiduciary duties, you may be out of luck
