Legal Opinion
Al-Naji v. Al-Naji (In re Al-Naji)
United States Bankruptcy Court, W.D. New York
Decided October 30, 2014No. Bankruptcy No. 12-12266 CLB; Adversary No. 12-1139 CLBPublishedCited by 3 opinions
1Opinion of the Court
DECISION & ORDER
CARL L. BUCKI, Chief Judge.
Officers, directors and controlling shareholders owe fiduciary duties not only to the corporation, but to its shareholders and at least in instances of insolvency, to creditors. As a shareholder and creditor, the plaintiff in this action asserts that his claim against a corporate officer is rendered nondischargeable as a debt arising from defalcation while acting in a fiduciary capacity. A key issue is whether the plaintiff can recover personally on a claim that is derivative in character.
Since January of 2004, Tarek Al-Naji has been the president…
2Cases cited12 opinions
- Pepper v. LittonSupreme Court of the United States · 1939
- Field v. MansSupreme Court of the United States · 1995
- Bullock v. BankChampaign, N. A.Supreme Court of the United States · 2013
- Alpert v. 28 Williams Street Corp.New York Court of Appeals · 1984
- Glenn v. Hoteltron Systems Inc.New York Court of Appeals · 1989
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3Cited by3 opinions
- Pappas v. Gucciardo (In re Gucciardo)United States Bankruptcy Court, E.D. New York · 2017
- Cherry Creek Mortgage LLC v. JarboeDistrict Court, D. Colorado · 2022
- U.S. Small Business Administration v. FeinsodDistrict Court, E.D. New York · 2025