Board of Directors
Posted: Mon Nov 27, 2017 9:58 am
Nick:
I was aware that your case was Chapter 7, but someone else in the string mentioned Chapter 11 so I thought I would include that as well.
I agree that this is an issue of State law, so the CaCorpCode is critical. While the goal of Chapter 7 is liquidation, not all Chapter 7 cases end in liquidation. As you know, many are dismissed or converted to Chapter 11.
I can't cite to any cases off hand, but believe there are cases where Boards of Directors calls the shot on filing - shareholders are not necessary. This is particularly important when there are disputes over stock ownership. In theory, at least, Board Membership should be clearly indicated on Annual Minutes - hence fewer disputes over authority.
David A. Tilem
Certified Bankruptcy Specialist Since 1997
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