The lead story in this week’s issue of Virginia Lawyers Weekly presents a case with a first-impression issue of corporate law.
In WAKA LLC v. Humphrey, a case involving an adult kickball league, Fairfax Circuit Judge Leslie M. Alden found that members of an LLC owe no fiduciary duty to one other.
Entries Tagged as 'Corporate Law'
Fiduciary duty claim kicked out of court
May 14th, 2007 · No Comments · Corporate Law, Fairfax
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Judge rejects ‘deepening insolvency’ theory
May 3rd, 2007 · No Comments · Corporate Law, bankruptcy
In case you’ve been waiting for a Virginia court to weigh in on the theory of “deepening insolvency,” that time has come.
The theory is a way of holding corporate directors liable for operating a financially strapped company in a way that only digs a deeper hole – penalizing them for not knowing when to quit.
“Deepening […]
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