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Advancement Claims Not Entitled to Priority in LLC Receivership
Do the advancement rights of directors and officers have priority over the rights of creditors to the assets of a limited liability company in receivership? In two recent Delaware Court of Chancery decisions ' Andrikopoulos v. Silicon Valley Innovation LLC, C.A. No. 9899-VCP (Del. Ch. July 30, 2015), and Henson v. Sousa, C.A. No. 8057-VCG (Del. Ch. Aug. 4, 2015) ' Vice Chancellors Donald F. Parsons Jr. and Sam Glasscock III both concluded that the claims for advancement were not entitled to priority treatment as administrative expenses of the receivership. The cases underscore the importance of obtaining directors and officers liability insurance regardless of the existence of advancement and indemnification provisions in the entity's organizational documents or the party's employment agreement.
Dispute over Advancement Claims
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