Court of Chancery Points Dissolution Petitioners to First Day Affidavits of Bankruptcy Petitioners

The Court of Chancery recently issued a decision providing guidance to practitioners submitting petitions in corporate dissolution proceedings. A copy of the Court’s decision can be found here: In the Matter of Global Safety Labs, Inc . Section 280 of the DGCL establishes an optional, court-supervised process that a corporation can follow to wind up its affairs, including obligations to post security for claims.