Corporations — insolvency, shareholders right to sue

Posted September 27, 2016 1:37 PM

Updated September 30, 2016 4:03 PM

Where a corporation becomes insolvent, the insolvency does not divest shareholders with a pending derivative action from standing to pursue that action.The 1st District Appellate Court affirmed in part, reversed in part and remanded a decision by Cook County Associate Judge Rita M. Novak and Associate Judge Neil Cohen.Michael Koehler was the CEO of Packer Engineering Inc. (PEI). PEI alongside Packer Environmental and Facility Consultants Inc. and Packer Technologies International constituted The Packer Group Inc (TPG …

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