Fiduciary Representation
Foley’s Bankruptcy & Business Reorganizations Practice represents fiduciaries in all aspects of insolvency and debtor/creditor rights cases, including the representation of trustees in Chapter 7 and 11 cases, examiners in Chapter 11 cases, and plan administrators and liquidating trustees operating under court supervision.
Not all insolvency proceedings involve federal bankruptcy cases. We also represent clients and fiduciaries in many non-bankruptcy insolvency proceedings, including assignments for the benefit of creditors and receiverships. Indeed, we are often called upon to represent creditors seeking the appointment of receivers, and the receivers themselves, in hotly contested matters involving the maintenance and potential liquidation of valuable assets. We have particular experience in related insolvency litigation, including fraudulent conveyance litigation, directors and officers liability litigation, and preference litigation.
Representative Experience
- Illinois Stock Transfer Company: Represent SEC court-appointed receiver involving sale and wind down of stock transfer agent.
- Nationally Recognized Exchanges: Represent nationally recognized commodities exchange in connection with insolvency-related counseling, including with respect to its clearing members, custodians, and contractual counterparties.
- R&G Mortgage: Represented R&G, mortgage banking and servicing subsidiary of failed bank under FDIC receivership, in chapter 11 case.
- Truland Corporation: Represented federal court-appointed receiver for one of the nation’s largest electrical contractors, including multi-million dollar arbitration regarding construction of the NSA’s Utah Data Center.
- Venus Swimwear: Represented German clothing and home goods catalog retailer in the purchase of Venus Swimwear, Inc. and Venus Manufacturing, Inc. from a court-appointed receiver.
- Wilbanks Energy Logistics: Counsel to court-appointed receiver for full-service energy logistics company.
Contacts
Recent Fiduciary Representation Insights
20 March 2017
Foley Viewpoints
Davis and Whitley Co-Author Article About Bankruptcy Remote Entities in Delaware
Partners Gardner Davis and Danielle Whitley co-wrote an article, “Blocking Director’s Fiduciary Duty Essential for Successful Remote Entity Structure,” which explains why, in compliance with Delaware laws, blocking directors need to serve as fiduciary for bankruptcy remote entities, rather than for the entities’ loan lenders.
20 March 2017
Foley Viewpoints
Delaware Court Invalidates Supermajority Bylaw to Remove Directors Without Cause
The Delaware Chancery Court recently ruled that a corporate bylaw provision providing that stockholders may remove directors only upon a supermajority vote is invalid.