Blocking Member Provision In LLC Agreement Designed To Prevent Bankr...
05/29/16
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Blocking Member Provision In LLC Agreement Designed To Prevent Bankruptcy Filing Unenforceable
Mondaq News Alerts (registration)
The court ruled that the "blocking" member provision in the membership agreement of a limited liability company ("LLC") was unenforceable because it did not require the member to comply with his fiduciary obligations under applicable non-bankruptcy law.
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Mondaq News Alerts (registration)
The court ruled that the "blocking" member provision in the membership agreement of a limited liability company ("LLC") was unenforceable because it did not require the member to comply with his fiduciary obligations under applicable non-bankruptcy law.