Two Bankruptcy Courts Invalidate LLC Agreement Provisions Requiring Consent for LLC Bankruptcy Filings By Jason W. Harbour and Shannon E. Daily (PDF)
This article discusses the decisions of two bankruptcy courts that have refused to enforce limited liability company agreement provisions requiring the respective LLCs to obtain the unanimous consent of their members in order to seek bankruptcy relief.
Jason W. Harbour is a partner at Hunton & Williams LLP, focusing his practice on bankruptcy and creditor's rights, loan workouts, reorganizations, corporate recovery, and insolvency-related structuring advice and legal opinions for complex transactions. Mr. Harbour's experience includes representing corporate debtors, secured and unsecured creditors, parties to safe harbored financial contracts, indenture and securitization trustees, lessors, and other parties in interest in Chapter 7, Chapter 11, and Chapter 15 bankruptcies. He received his J.D. from William & Mary Law School, where he was elected to the Order of the Coif, and his B.A. in Philosophy and Political Science from Davidson College. He may be contacted at email@example.com.
Shannon E. Daily is an associate at Hunton & Williams LLP, concentrating her practice on bankruptcy and creditors' rights. Ms. Daily has experience representing debtors, creditors' committees, creditors and other parties in interest in Chapter 7, 11, and 15 bankruptcies, adversary proceedings, commercial litigation, loan workouts, reorganizations, and corporate recovery matters. She received her J.D. from William & Mary Law School, where she served on the William & Mary Bill of Rights Journal, and her B.A. in International Relations and French with honors in French, summa cum laude, from The College of William & Mary. She may be contacted at firstname.lastname@example.org.
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