A trio of significant rulings by the Appellate Division dominated the business divorce caselaw arena in 2023. Peter A. Mahler and Mathew D. Donovan discuss the highlights of business divorce cases from last year in their authored article “Business Divorce Cases of 2023” published in the New York Law Journal.
From the article:
The Second Department weighed in with a pair of rulings limiting the lower courts’ authority to order a closed auction sale of a dissolved corporation’s assets and, in an apparent ruling of first impression, recognized an estate’s standing to seek judicial dissolution of a limited liability company under Section 608 of the LLC Law.
The First Department also contributed a novel ruling giving life to an oral voting agreement among members of an LLC.
Not to be left out of the spotlight, last year the Manhattan Commercial Division handed down a thoughtful decision reconciling case precedent concerning the circumstances under which a non-managing member of an LLC nonetheless can be saddled with fiduciary duties.
Reprinted with permission from New York Law Journal, February 26, 2024.
Read the full article here:
NYLJ – Business Divorce Cases of 2023 – Peter A. Mahler and Matthew D. Donovan
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