A recent Delaware Court of Chancery decision is a gem for those seeking the latest iteration of Delaware law on the requirements of DGCL § 273 regarding judicial dissolution of a joint venture corporation. In the matter styled: In Re Petition for Dissolution of M7 Energy Development Corporation and Convergent Innovation Technology Holdings, Inc.
Rule 7
Chancery Recognizes Right to Appoint Receiver of Solvent Corp.
By Francis Pileggi on
Posted in Court of Chancery Updates
Zutrau v. Jansing, C.A. No. 7457-VCP (Del. Ch. Mar. 18, 2013).
Issues addressed in this Court of Chancery opinion: (1) The right to have a receiver appointed for a solvent corporation based on allegations of fraud and breach of fiduciary duty of directors; (2) direct claim for breach of fiduciary duty in connection with…