Managing Unclaimed Property Risks in Bankruptcy

The extended shuttering of business operations due to the Covid-19 pandemic is expected to contribute to a sharp increase in corporate bankruptcy cases in 2021. As beleaguered companies seek to reorganize or sell themselves through the Chapter 11 bankruptcy process, prospective acquirers of bankrupt entities should understand the impact that a target’s bankruptcy history can have on its... Continue Reading

The Business Lawyer—Seventy-Five Years Covering the Rise of Alternative Entities

Morris Nichols attorneys Don Parsons, Jason Russell and Koah Doud contributed a look-back article on alternative entities to the 75th Anniversary edition of The Business Lawyer. Through the years, alternative entities have evolved in complexity and grown in popularity, particularly limited partnerships (“LPs”) and limited liability companies (“LLCs”). The authors start by examining... Continue Reading

2020 Amendments to Delaware’s General Corporation Law and Alternative Entity Statutes

In its 2020 session, the Delaware legislature passed a number of amendments to the Delaware General Corporation Law and the Delaware “alternative entity” statutes—the Delaware Limited Liability Company Act, the Delaware Revised Uniform Limited Partnership Act, the Delaware Revised Uniform Partnership Act and the Delaware Statutory Trust Act... Continue Reading

Unclaimed Property: A Delicate Balance for Delaware — Enforcing the Law in the Face of Ongoing Legal Challenges and Economic Uncertainty

Unclaimed property is an arcane concept, a modern outgrowth of ancient legal principles. These principles, as recognized in a series of U.S. Supreme Court opinions, provide the State the right to take custody of abandoned property – uncashed checks, unclaimed bank accounts, stock certificates and much more – in the possession of a person or company (i.e., “holders”), which has not been... Continue Reading

Designated Representatives: Sending Trusted Individuals to the Front Lines

One of the many significant developments in the field of trust lawover the past decade has been the increasing popularity of socalled “silent trusts”. The term “silent trust” generally describes an arrangement in which a trustee is prohibited under the terms of a governing instrument from providing information to the trust’s beneficiaries, or where the trustee is relieved from its common... Continue Reading

Delaware Estate Tax Q&A, Delaware Durable Power of Attorney & Delaware Advance Health-Care Directive

Morris Nichols attorneys Todd Flubacher and J. Zachary Haupt authored three guides on Delaware law for Practical Law. Their Delaware Estate Tax Q&A guide addresses whether a jurisdiction has any estate tax or other similar taxes imposed at death and, for jurisdictions currently imposing a state estate tax... Continue Reading

Delaware Bankruptcy Judge Holds That Increased Chapter 11 U.S. Trustee Fees Pass Constitutional Muster

“It costs a lot of money to go broke. In the case of a chapter 11 bankruptcy, the cost includes quarterly fees payable to the Office of the United States Trustee (the “UST”), a component of the Department of Justice that oversees bankruptcy cases. The UST’s oversight program is funded by chapter 11 debtors pursuant to 28 U.S.C. § 1930(a)(6), which requires each debtor to pay quarterly... Continue Reading

The Delaware Brand: An Introduction

“The dominance of Delaware in entity formations, especially corporations, is well known. But why is this the case, what goes into making – and keeping – the “Delaware Brand?” Delaware is a small state, we have less than one million people and are the second smallest geographically, yet we are the home of more than 60% of the Fortune 500. We are the clear jurisdiction of choice for the... Continue Reading

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