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Showing 3 posts in Receivership.

Court Of Chancery Denies Receivership Petition For Failure To Prove Insolvency

In re: Geneius Biotechnology Inc., C.A. 2017-0297-TMR (December 8, 2017)

This decision explains what is needed to prove a corporation is insolvent so that a receiver should be appointed for it. It is not enough to just use the balance sheet, but instead additional proof of the actual values of assets needs to be provided when those assets may be worth more than their book value.


Delaware Superior Court Explains Liability Of Signatory To Contract

TMC Consulting v. Wright, C.A. N15C-11-132 EMD CCLD (January 26, 2017)

This is an excellent review of when a signatory to a contract might be personally liable notwithstanding that he claims to have only signed in a representative capacity. Hint: contractual references to the signatory separate and apart from the entity for which he is signing may create an ambiguity that prevents dismissal. It also has a good discussion on the limits of immunity for court-appointed receivers.


Court Of Chancery Upholds Receiver Claims

Seiden v. Kaneko, C.A. 9861-VCN (November 3, 2015)

This is an interesting decision because it articulates what claims a receiver may make against former officers and when those claims are barred by laches.



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