Legal Memorandum: Directors' Liability in Bankruptcy

Issue: What legal resources address the specific liability of officers and directors in bankruptcy?

• Richard F. Broude, Mergers and Acquisitions in Bankruptcy in the U.S.A. (Officer and Director Responsibility Liability, pt. 4), 16 Int’l Bus. Law. 507 (1988).

• Steven R. Gross, Deborah F. Stiles & Charles E. Joseph, Directors Face Risks in Workout; Shifting Duties, Nat’l L.J., Apr. 15, 1991, at 19.

• Kimberly Colby Harris, The Impact of Bankruptcy on Liability of Corporate Directors, 5 Bankr. Dev. J. 289 (1988).

• David Heckelman, Personal Use of Firm’s Assets Triggers Directors’ Liability, Chi. Daily L. Bull., Aug. 20, 1993 at 1.

• Harvey R. Miller, Corporate Governance in  Chapter 11:  The Fiduciary Relationship Between Directors and Stockholders of Solvent and Insolvent Corporations, 23 Seton Hall L. Rev. 1467 (1993).

• Melanie K. Palmore, "Insured vs. Insured" Exclusions in Director and Officer Liability Insurance Policies:  Is Coverage Available When Chapter 11 Trustees and Debtors-in-Possession Sue Former Directors and Officers?, 9 Bankr. Devs. J. 101 (1992)

• Christopher B. Penman & Thomas W. Ferrell, Bankruptcy and Directors’ Duties:  The United States Perspective, 9 Company & Sec. L.J. 347 (1991).

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