You Cannot “Fail” Until You Try

You Cannot “Fail” Until You Try

       Peter Mahler, in his blog New York Business Divorce, has reviewed a resent New York decision addressing judicial dissolution for failure by the shareholders to elect directors. In this case, Gupta v. E.J.'s Bucket Buddies, Inc., No. 650952/2019, 2020 WL 4258756 (N.Y. Sup. Ct. July 24, 2020), because there had actually been no meetings convened for the purposes of electing directors, there had been no failure to elect directors. Hence, that basis for seeking judicial dissolution of the corporation was unavailable.

      Peter's review of this decision was posted on August 10 in an article titled Dissolve For Failure to Elect a Board? Better Demand an Election First. HERE IS A LINK to that posting.

     This decision is as well of interest to Kentucky attorneys as the Kentucky Business Corporation Act contains an almost verbatim (as compared to the New York statute reviewed in this decision) provision.