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Tag Archives: Delaware
Delaware Bankruptcy Court Considers Scope of Section 505(a) of the Bankruptcy Code
Securing a determination of a debtor’s tax liability is an issue that frequently vexes debtors in possession and trustees during the reorganization process. While section 505(a) of the Bankruptcy Code authorizes, with apparent clarity, bankruptcy courts to, inter alia, “determine the amount or legality of any tax,” taxing authorities often oppose motions for relief under section 505(a) and challenge bankruptcy courts’ jurisdiction to hear such motions.[i] Such was the case in a recent decision rendered by the Bankruptcy Court for the District of Delaware. Continue reading
Posted in Analysis, Gaming, Tax Issues
Tagged 505(a), Delaware
Bankruptcy Bullets – CML V, LLC v. Bax, 2011 WL 3863132 (Del. Sept. 6, 2011)
On September 6, 2011, the Delaware Supreme Court affirmed the Delaware Chancery Court’s dismissal of derivative claims filed by a creditor on behalf of an LLC, holding that Section 18-1002 of the Delaware LLC Act grants standing to file derivative claims on behalf of an LLC only to the members of the LLC and their assignees, and not to an LLC’s creditors (even where the LLC is insolvent). Continue reading
Posted in News
Tagged Delaware, derivative claims