In re Wack Jills: Delaware decision marks the end of Wild West ABC proceedings
By EsqSocial Corporation 23/12/24
In a recent opinion in an assignment for the benefit of creditors (ABC) proceeding, the Delaware Court of Chancery provided an illustrative account of the assignee’s failures to comply with the relevant statutory scheme, and ultimately granted “an extreme form of equitable relief” in removing the assignee from the case. Despite a statutory requirement that assignees in ABC actions submit information analogous to that contained in “First Day” bankruptcy declarations, the court noted that ABC...
By: Hogan Lovells