In a 3-1 decision, the Alaska Supreme Court determined that a Trustee does not have power to bring a claim on behalf of a creditor of the estate whose claims are not property of the estate. In this instance, the Court was forced to examine a veil piercing claim against a corporation. In a very good analysis of current law, the Court determined that Brown as the President of the Debtor Company entered into a bonus agreement with Knowles. Brown put the Debtor Company in Bankruptcy and Knowles files suit against Brown in an attempt to pierce the corporate veil. Brown asserts that the claim belongs to the Debtor company and Brown asserts it is a personal claim. The Court found that if a veil-piercing claim alleges no injury to the corporation, then the claim belongs to the creditor.
At this time the case is unpublished but I expect that it will become a published decision.
Brown v. Knowles
Very helpful and informative post. I appreciate your thoughtful writes and step by step guide lines. Thanks you.
ReplyDeleteThank you for your comment. ~ Brian
ReplyDelete