For more than six years there has been an ongoing debate regarding the enforceability of governance restrictions, whether blocking rights, golden shares and other provisions designed to manage access to bankruptcy relief.
Enforceability of Governance Provisions Restricting Access to Seek Bankruptcy Relief
For more than six years there has been an ongoing debate regarding the enforceability of governance restrictions, whether blocking rights, golden shares and other provisions designed to manage access to bankruptcy relief. This year, another governance restriction was upheld in dismissing a bankruptcy filing by a debtor that failed to obtain the consent of the lender-approved independent manager as required by its LLC agreement.
By
Corinne Ball
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