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Subsidiary of Johnson & Johnson company is driven to bankruptcy over talc claims

Johnson & Johnson company has taken drastic measures to combat the claims it received over talc powder. The management made a decision to drive the subsidiary to bankruptcy, which may free the company from the obligations to pay about $ 3.5 billion in compensation. The company in question is LTL Management LLC (LTL), which was created to deal with claims. The day before, the company filed a lawsuit for voluntary ...

FOR THE PERFORMANCE OF WORK THAT HAS NOT BEEN AGREED UPON WITH CONTRACTS, YOU CAN GET TO A SUBSIDIARY

The creditor applied to the court to hold the controlling person vicariously liable (case no. A43-28416/20). In rejecting the application, the courts of the two instances proceeded from the reasonableness and good faith of the defendant's actions in assuming obligations under the contract. The cassation sent the dispute for reconsideration and noted that the defendant, having concluded general work contracts containing a condition on a fixed price for the work, carried out work by subcontractors...

ONLY FOR OBVIOUS LOSS-MAKING CAN YOU BE INVOLVED IN A SUBSIDIARY

... the dispute for reconsideration, pointing out that the amount of creditors' claims included in the register according to the bankruptcy trustee's report was not comparable with the amount of rent actually received by the defendant under lease agreements.... ... from business activities in the accounts of the lessor and obligations on the debtor, as sufficient to bring the defendant to subsidiary liability, taking into account the specific obligations of the case on the amount of income received by the lessor,...

THE DAUGHTER OF THE EX-OWNER OF A NETWORK OF TIRE CENTERS IN UFA WAS INVOLVED IN A SUBSIDIARY

... established in 1999 and has worked for about 18 years. In 2017, Russhina-Tyumen received the status of bankrupt. By the time of bankruptcy, the amount of the company's debt to creditors exceeded 1.2 billion rubles. The beneficiary of the company, Andrey ... ... Russia. In addition to the daughter of the convicted businessman, his business partner Lilia Akhmetova was also involved in the subsidiary. In a separate proceeding, the court also imposed a penalty in the amount of 42.3 million on Smyshlyaev's ex-wife Vladlena ...

YOU CAN'T BE RESPONSIBLE FOR THE SAME THING IN BANKRUPTCY CASES OF DIFFERENT COMPANIES

In the framework of the bankruptcy case (No. A40-41566/19), the manager filed an application for bringing to subsidiary responsibility the head of the logistics department of the debtor's parent company. Refusing to satisfy the application, the court of first instance proceeded from the fact that the actions (transactions) imputed to the defendant did not cause ...

THE SUBSIDIARY OF THE HEAD OF THE COUNTERPARTY COMPANY WILL BE CHECKED BY THE SUPREME COURT

The bankruptcy process of Finprombank (case no. A40-196703/2016) turned into subsidiary liability for Andrey Barinov, the former head of the Customs Card company, who managed the organization from the end of 2022 until November 2019. Three judicial instances granted the petition of the bankruptcy trustee, who pointed out the damage ...

Supreme Court of Russia indicated on what grounds it is impossible to impose subsidiary liability

The highest court of Russia considered the case on bringing one of the persons controlling the debtor-bank to subsidiary liability. The bankruptcy trustee insisted that the defendant had approved transactions that ruined the bank, and had not taken measures to improve financial situation in the credit institution. The courts of three instances unanimously upheld the applicant's position ...

THE SUPREME COURT OF RUSSIA CLARIFIED THE FEATURES OF BRINGING A HEAD OF COMPANY TO SUBSIDIARY LIABILITY

The bankruptcy trustee of the debtor demanded in court that the former head of the bankrupt company should be brought to subsidiary liability. The reason was the failure to file a bankruptcy petition in court in a situation of growing debts. The lower courts agreed with this, pointing out that the director had unreasonably omitted to act when the company's financial burden was growing. However, the Supreme Court did not agree ...

IF YOU ROB A MANAGEMENT COMPANY, YOU SHOULD EXPECT A SUBSIDY

The manager applied to the court for bringing the controlling persons to subsidiary responsibility (case no. A67-9420/20). The courts of two instances refused to satisfy the application, recognizing as erroneous the claim that the funds received from the public were spent by the controlling persons at their own discretion ...

ACCUSED OF MURDERING THE EX-SENATOR'S PARTNER, HE WAS INVOLVED IN A SUBSIDY FOR 3 BILLION

... Saveliev approved transactions that deliberately did not bring profits to the company, the amount of which amounted to over 1.1 billion. This caused major damage to the company. On November 28, 2024, the arbitration court considered the application of the bankruptcy trustee representing the interests of Uralstroyneft's creditors. Raiffeisenbank, Dok-Service and KapitalSib companies are among them. As a result, the court decided to involve a group of ex-managers and owners of the organization, including ...

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