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OnDemand Course

Director and Officer Liability: A Focus on Creditor Issues

Gain a thorough understanding of common claims made against directors and officers and strategies for defending those claims.

Mismanagement of a corporation by officers and directors can have a direct impact on a creditor's rights and ability to recover against a corporate debtor. This topic will help individuals conducting business with corporations understand the fiduciary duties of officers and directors. The speakers will explore the standard of liability of officers and directors, key defenses and protection. The speakers will provide insight for pursuing potential personal liability actions in state and bankruptcy court. Creditors will want to attend if they are dealing with a bankrupt debtor seeking recovery directly from officers and directors over breach of fiduciary duties.

92 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Discuss Director's Fiduciary Duty to Company and Investors

  • Standard of Care and Justifiable Reliance (15 Pa.C.S. § 1712)
    • Duty of Care
    • Duty of Loyalty

State Court Remedies Against Directors and Officers

  • Personal Liability (15 Pa.C.S. § 1713)
  • Liability for Unlawful Dividends and Other Distributions (15 Pa.C.S. § 1553)
  • Preparing for Potential Litigation
    • Preservation of Evidence
    • Notice of Default/Demand Letter
    • Notice to Insurance Carrier

Indemnification and Insurance of Directors

  • Mandatory Indemnification (15 Pa.C.S. § 1743)
  • Prohibited Indemnification (15 Pa.C.S. § 1742)
  • Permissive Indemnification (15 Pa.C.S. § 1741 and 15 Pa.C.S. § 1744)

Bankruptcy Court Remedies

  • Role of the Trustee in Seeking Claims Against Insiders
    • Fiduciary Duty to the Creditors and Bankruptcy Estate
  • Difference Between Claims Held by the Trustee and Claims Held by Investors
    • Trustee's Causes of Actions
    • Investor's Causes of Actions
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on March 25, 2021.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kirk B. Burkley, Esq.

Kirk B. Burkley, Esq.

Bernstein-Burkley, P.C.

  • Managing partner of Bernstein-Burkley, P.C.
  • Practice emphasizes all aspects of bankruptcy and restructuring, creditors’ rights, business and corporate transactions, litigation, real estate, and oil and gas
  • Conducts regular seminars/live webinars and workshops on bankruptcy, creditors’ rights, and oil and gas
  • Author of several publications related to the bankruptcy field, with work appearing in ABI Journal, Equipment Leasing Newsletter, Pennsylvania Association of Credit Managers Newsletter The Creditor, and more
  • Emeritus Board Member of the American Board of Certification, past president of the American Board of Certification, past president of Turnaround Management Association, member of Allegheny County Bar Association, American Bankruptcy Institute
  • J.D. degree, University of Pittsburgh School of Law; B.S. degree, Ohio University
  • Can be contacted at [email protected] or 412-456-8108
John J. Richardson, Esq.

John J. Richardson, Esq.

Bernstein-Burkley, P.C.

  • Partner & Co-Chair of Litigation Practice Group – Bernstein-Burkley, P.C.
  • Practice focuses on representing companies and individuals in business disputes, shareholder disputes and insider investigations in state, federal and bankruptcy courts
  • Has represented shareholders, bankruptcy trustees and plan administrators in directors and officers liability claims
  • John Carroll University, B.A.degree; University of Pittsburgh School of Law, J.D. degree
  • Member of the American Bar Association, Pennsylvania Bar Association, Ohio Bar Association, West Virginia Bar Association and Allegheny County Bar Association
  • Can be contacted at (412) 456-8107 or [email protected]
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 407405
Published 2021
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