Limited Liability Companies and the Bankruptcy Code | Practical Law

Limited Liability Companies and the Bankruptcy Code | Practical Law

A Practice Note highlighting potential bankruptcy and insolvency issues that parties and their counsel should take into account when forming a limited liability company (LLC) under state law. These issues affect the drafting of key provisions in an LLC operating agreement, including management and ownership rights and remedies, as well as what the parties should do if an insolvency arises or a bankruptcy proceeding is initiated against the LLC or one or more of its members.

Limited Liability Companies and the Bankruptcy Code

Practical Law Practice Note 8-525-6082 (Approx. 24 pages)

Limited Liability Companies and the Bankruptcy Code

by John R. Gardner and Emily Steele, K&L Gates LLP, with Practical Law Bankruptcy & Restructuring and Practical Law Finance. The authors acknowledge the excellent prior work on this resource by David A. Mawhinney and the late David A. Murdoch and Mary L. Thibadeau.
Maintained • USA (National/Federal)
A Practice Note highlighting potential bankruptcy and insolvency issues that parties and their counsel should take into account when forming a limited liability company (LLC) under state law. These issues affect the drafting of key provisions in an LLC operating agreement, including management and ownership rights and remedies, as well as what the parties should do if an insolvency arises or a bankruptcy proceeding is initiated against the LLC or one or more of its members.