Corporate governance - The case of Peoples Department Stores Inc.

April 2005

Corporate governance - The case of Peoples Department Stores Inc.

bouton-vers-francaisEric Lalanne
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514 878-3258

Litige-Lalanne-Corporate-EN-Peoples Department Stores Inc. (Trustee of) v. Wise provides some breathing room for directors: it gives relief to those who act in good faith when trying to rectify problems at an insolvent company, even if their actions prove to be more hindrance than help. ''The principal question we were debating was: Is there a fiduciary duty owed to creditors of a corporation?'' says Eric Lalanne, partner at De Grandpré Chait who represented Wise Brothers. ''It took us by suprise when the court looked at the duty of care.''

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