LLC Bankruptcies
This panel will focus on issues that can arise during an LLC bankruptcy, such as
what happens when parties contract out of fiduciary duties and the effect that
bankruptcy has on key provisions in an LLC operating agreement, including
management and ownership rights and remedies, as well as what happens when a
bankruptcy proceeding is initiated against the LLC or one or more of its members.
The panel will also discuss Intervention Energy and Lake Michigan, in which the
bankruptcy courts refused to enforce LLC agreement provisions requiring the
respective LLCs to obtain the unanimous consent of their members in order to
seek bankruptcy relief.