Insolvent German Firm's Del. Ch. 15 Targets Whirlpool
Law360 (November 21, 2018, 6:18 PM EST) -- Germany-based kitchen and home products maker Alno AG opened a Chapter 15 "foreign main" bankruptcy proceeding in Delaware late Tuesday, saying it was investigating possible claims against Whirlpool Corp. and CEO Marc Bitzer for Alno's failure to declare insolvency years ago.
In an initial Delaware court declaration, Tobias Wahl, Alno's representative in the U.S. case, said civil and criminal penalties are possible under German law against creditors, banks and other parties that aid and abet insolvent companies' failures to respond properly or shut down after they go too far into the red. Sanctions may include personal liability for payments made by...
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