Reorganization trustees play a crucial role in bankruptcy procedure. The trustees try to resurrect deteriorating businesses by managing remaining resources for the benefit of beneficiaries, usually unsecured creditors and shareholders. More or less, a trustee's role is similar to that of the...

The Delaware Supreme Court recently held that corporate directors' fiduciary duties do not expand beyond the enterprise and shareholders to encompass creditors. This applies both when the corporation is in the zone of insolvency and when actually insolvent. Thus, should corporations take on more...

We agree with Chief Justice Myron T. Steele in his article, Freedom of Contract and Default Contractual Duties in Delaware Limited Partnerships and Limited Liability Companies, that the proper default rule for Delaware limited liability companies (“LLCs”) formed under the Delaware Limited...

Fiduciary duties for the top governance officials of both business and religious organizations demand faithfulness to the institution's mission, a seemingly strict demand. Meaningful sanctions for breach, however, are difficult to obtain and may not deter future misconduct, including that kind...

The goal of this book is to clarify and contextualize the fiduciary concept. It endeavours to do so by initially considering some of the difficulties that have beset fiduciary jurisprudence, some of which have led to the development of a profound fiduciary paradox. The book then undertakes to...

In the field of corporate insolvency law, European Union legislation has aimed to promote the availability and success of out-of-court restructurings for distressed businesses, an objective further supported by the 2019 Directive on restructuring and insolvency, which contains provisions that...

Although discussed nowhere in the U.S. Bankruptcy Code, fiduciary duties play a central role in guiding the administration of an insolvent debtor's assets. This book chapter explores the fiduciary obligations of trustees (including DIPs) under both statute and common law, with a special focus on...

Under bankruptcy law, a debtor cannot enter into a binding agreement with a creditor to not file for bankruptcy in the future. However, creditors can in effect prevent a corporate debtor from filing for bankruptcy by obtaining a special “golden share” in the debtor and exercising the right...

"Mortgages, student loans, credit cards: debt is a ubiquitous component of daily life in Canada. But our attitudes toward debt, and the people who incur it, are complex. "Trustees at Work" explores the role of bankruptcy trustees in determining who qualifies as a deserving debtor under Canadian...