The Supreme Court of Colorado has held that reverse piercing of the corporate veil is a viable claim for relief. In In re Phillips (June 26, 2006), the court answered a certified question from the United States District Court for the District of Colorado. The trustee in bankruptcy of Phillips, an individual sought to recover property transferred from a corporation controlled by Phillips. To recover the property the trustee alleged that the corporation was Phillips’ alter ego and thus that the corporate transfers were actually transfers by Phillips. The court held that reverse piercing is a viable theory because its goals are parallel to those of ordinary piercing: achieving equity by disregarding the distinction between a corporation and its shareholders. The court cautioned that innocent shareholders and corporate creditors must be adequately protected before reverse piercing is imposed.