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Court Of Chancery Appoints Receiver To Resolve Strategic Issues
Posted In Dissolution
Badii v. Metropolitan Hospice Inc., C.A. 6190-VCP (March 12, 2012)
In this case the Court appointed a receiver for an insolvent corporation under Section 291 of the DGCL. The Court reasoned that the appointment was needed to break a deadlock over whether to implement a proposed tax strategy when there was little time left to deal with the IRS. This illustrates when a receiver may be appointed to make business decisions.
Tags: Dissolution
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