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"Reasonable Expectations" Define Board Power To Liquidate A Solvent Close Corporation In Bankruptcy, Shelby D. Green
"Reasonable Expectations" Define Board Power To Liquidate A Solvent Close Corporation In Bankruptcy, Shelby D. Green
Elisabeth Haub School of Law Faculty Publications
This Article will argue that, in the absence of contrary provisions in the articles of incorporation, the power of the board of directors of a solvent close corporation to file a voluntary petition for liquidation in bankruptcy must be determined by the theory of “reasonable expectations.” This doctrine not only addresses wrongdoing by those in control, but also defines the power and rights of close corporation participants. Part II briefly considers the uses of bankruptcy in recent years and comments on the peculiar occasion of a solvent corporation deciding to liquidate in bankruptcy. Part III summarizes the facts and identifies …
Government Liability For Economic Losses: The Case Of Regulatory Failure, David S. Cohen
Government Liability For Economic Losses: The Case Of Regulatory Failure, David S. Cohen
Elisabeth Haub School of Law Faculty Publications
Compensation claims against provincial and federal governments are largely a product of the second half of the 20th century. The initial surge of cases after the enactment of the federal Crown Liability Act in 1953--mirrored also in developments at the provincial level-- were typically "private" tort claims. Indeed a significant percentage of claims against the federal government continue to be nothing more than automobile accident, occupier liability claims and lawsuits arising out of similar relatively minor bureaucratic error. Recently, however, as a result of both the imagination of litigators and the growth of the regulatory state, claims against governments have …