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In Re Ozark Restaurant Equipment Co., Inc.

816 F.2d 1222 (1987)

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In Re Ozark Restaurant Equipment Co., Inc.

United States Court of Appeals for the Eighth Circuit
816 F.2d 1222 (1987)

  • Written by Rose VanHofwegen, JD

Facts

When Ozark Restaurant Equipment Co., Inc. (debtor) filed to liquidate under Chapter 7, the bankruptcy trustee brought an alter-ego action on behalf of creditors to hold Ozark’s four principals personally liable for its unsecured debts. Ozark’s creditors were asked to join in the action, but none did. The bankruptcy court found the principals had used Ozark merely as an instrumentality and abused the corporate form, pierced the corporate veil, and held the individual principals jointly and severally liable for Ozark’s unsecured debt of $136,653. Three of the principals appealed. The district court reversed on the ground that a Chapter 7 trustee lacks standing to pursue an alter-ego action on behalf of a debtor corporation’s creditors. The trustee appealed to the Eighth Circuit.

Rule of Law

Issue

Holding and Reasoning (Magill, J.)

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