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Reconciling the Conflicting Fiduciary Duties of a Nonprofit Corporation in Chapter 11

June 22, 2018

What are the responsibilities of a non-profit corporation and its directors once it enters chapter 11? Curran Antonelli, LLP attorney Zachary J. Gregoricus analyzes the duties of a not-for-profit debtor under state law and the Bankruptcy Code when reorganizing under Chapter 11. While these duties generally conflict, Attorney Gregoricus explains that a director’s duties of care, loyalty and obedience, as determined by state law, continue after the filing of the case and require the director to further the organization’s mission and goals throughout the bankruptcy.

 

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