California, United States of America
The following excerpt is from Shaoxing County Huayue Import & Export v. Bhaumik, 11 Cal. Daily Op. Serv. 672, 120 Cal.Rptr.3d 303, 191 Cal.App.4th 1189, 2011 Daily Journal D.A.R. 80 (Cal. App. 2011):
The trustee of a bankrupt corporation can maintain an action against a defendant based on an alter ego theory if there is some allegation of injury to *1199 the corporation that gives the corporation a right of action against the defendant. ( Stodd v. Goldberger (1977) 73 Cal.App.3d 827, 833, 141 Cal.Rptr. 67 ( Stodd ).) For example, the trustee of a bankrupt corporation can maintain an action against corporate shareholders on an alter ego theory in order to recover property or pursue a right of action belonging to the bankrupt corporation, including an action to set aside fraudulent transfers or an action for conversion to recover assets of the bankrupt corporation. ( Id. at p. 834, 141 Cal.Rptr. 67) However, the trustee of a bankrupt corporation "cannot maintain an action against defendants on an alter ego theory absent some allegation of injury to the corporation giving rise to a right of action in it against defendants. In the absence of any such allegation, the asserted cause of action belongs to each creditor individually[.]" ( Id. at p. 833, 141 Cal.Rptr. 67.) "[A] trustee in bankruptcy may not enforce rights of action which belong to the creditors individually[,] because they are not rights in which the bankrupt claims an interest and are not assets of the estate in bankruptcy. [Citations.]" ( Id. at p. 835, 141 Cal.Rptr. 67.)
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