Asset Recovery in Commercial Litigation: Litigating Piercing the Corporate Veil, Alter Ego, Successor Liability, UVTA

Description

Litigants in business disputes must often look beyond the corporation to related entities, including subsidiaries, affiliates, shareholders or directors, as potential sources of liability and recovery. Counsel for clients seeking to maximize recovery of assets from corporations and other business entities must be adept at using theories such as alter ego liability, piercing the corporate veil, reverse piercing and fraudulent conveyance to enable clients to obtain assets from shareholders, insiders and related entities.

Recent amendments to the Uniform Voidable Transactions Act (UVTA, previously known as the Uniform Fraudulent Transfers Act) include choice of law for voidable transactions, burdens and standards of proof, clarification of who receives “reasonably equivalent value” under Section 8(a), and defenses available to a transferee or obligee.

In today’s global economy, creditors are increasingly facing the question of whether to pursue recovery against foreign transferees. Key issues include obtaining personal jurisdiction over the foreign defendant in U.S. courts; ensuring that U.S. law is applied, whether in the U.S. or a foreign court; overcoming discovery challenges when records or witnesses are not located in the U.S.; and getting a foreign court to recognize and enforce judgments obtained in a U.S. court.

Listen as our authoritative panel of litigators reviews the legal theories that allow creditors to recover assets from affiliates and subsidiaries of corporate debtors and other transferees. The panel will focus on piercing corporate veil, alter ego liability, successor liability and fraudulent transfers as well as how to recover assets located in foreign jurisdictions.