Recent Bankruptcy Decision Reminds of the Importance of Corporate Governance Documents
By EsqSocial Corporation 11/01/25
On January 6, 2025, the United States Bankruptcy Court for the Northern District of Illinois (the Bankruptcy Court) granted a mortgage lender’s motion to dismiss a debtor’s bankruptcy filing due to the debtor’s lack of corporate authority to file without the consent of its independent manager. The case is In re 301 W N. Ave., 2025 Bankr. LEXIS 21 (Bankr. N.D. Ill. Jan. 6, 2025), and it underscores the importance of adhering to corporate governance documents and the enforceability of independent...
By: Eversheds Sutherland (US) LLP