Business

This panel is a great way to stay ahead of your peers and adversaries! The panelists present a cutting-edge review of the most important decisions of the day that could impact your practice.

The judges will discuss ethical issues involved with the representation of parties in bankruptcy proceedings. Topics for discussion include pre-filing obligations (e.g., investigation of assets, conflicts, employment and fee-sharing agreements), duties upon filing the case (e.g., disclosures, fee applications, § 341 meetings, adversary proceedings), and ongoing and other obligations (e.g., fee disgorgement, duties throughout a chapter 13 proceeding, sanctions). The discussion will consider federal bankruptcy statutes, federal and state rules of procedure, and state rules for attorney conduct.

Where is the line between zealous advocacy and unethical conduct? What role does civility play in the legal profession and in our system of justice? How does the practice of civility — even when the judge isn’t there to see it — impact our clients’ interests and our profession? These are just some of the questions this panel will explore as it examines the leading issues in ethical conduct and civility — both in and out of the courtroom.

Join experienced practitioners in a historical look at the U.S. Bankruptcy Code from 41 years ago to today, and where the Code may go in the future. Learn the challenges of practicing under the Bankruptcy Act in the 1970s, from the “first meeting of creditors” in front of a bankruptcy judge to reaffirmation of debt and filing two petitions for a husband and wife. How did attorneys, debtors, creditors and the courts adjust to the Code? How has the court and bar changed in terms of diversity? What is the importance of local precedent, and how was and is it disseminated? With the formalization of the bankruptcy courts, how did the judicial appointment, assignment of cases, and general contact and communication with the courts change? From the U.S. Trustee pilot program to the current model, how has the chapter 7 trustee appointment process changed, and what are the effects? How did local practice change, and how does it continue to evolve? What are the results of the exemption compromise and its effects on current practice?

Experienced practitioners are typically able to litigate the issues that arise in most chapter 11 cases in a similar manner, regardless of the industry of a particular debtor. In the health care context, however, the identities of the litigants are often different (government agencies, patient care ombudsmen, etc.), and more importantly, those litigants’ respective motivations may be vastly different than in a "typical" chapter 11 case. Economic considerations, the driver of most chapter 11 outcomes, are often superseded in a health care case by a party’s perceived public policy or reputational concerns. This panel will discuss these differences and provide practical suggestions, based on their extensive experience, as to how attorneys and financial advisors can navigate these issues and reach a successful outcome for all stakeholders.

The panelists will delve into issues that arise during an LLC bankruptcy. What happens when parties contract out of fiduciary duties? What effect does bankruptcy have on key provisions in an LLC operating agreement, including management and ownership rights and remedies, and what happens when a bankruptcy proceeding is initiated against the LLC or one or more of its members? Learn more about two recent decisions in which bankruptcy courts refused to enforce LLC agreement provisions requiring the respective LLCs to obtain the unanimous consent of their members in order to seek bankruptcy relief (Intervention Energy, Lake Michigan). Finally, the panelists will discuss possible hidden fraudulent-conveyance issues relating to tax attributes. Do LLCs insulate management, and should releases be provided?

The panelists will delve into issues that arise during an LLC bankruptcy. What happens when parties contract out of fiduciary duties? What effect does bankruptcy have on key provisions in an LLC operating agreement, including management and ownership rights and remedies, and what happens when a bankruptcy proceeding is initiated against the LLC or one or more of its members? Learn more about two recent decisions in which bankruptcy courts refused to enforce LLC agreement provisions requiring the respective LLCs to obtain the unanimous consent of their members in order to seek bankruptcy relief (Intervention Energy, Lake Michigan). Finally, the panelists will discuss possible hidden fraudulent-conveyance issues relating to tax attributes. Do LLCs insulate management, and should releases be provided?

Given the popularity of the Limited Liability Company as a business organization, in recent years insolvency professionals are encountering LLC's more than ever. This is a trend that we expect to continue. This program provide online learners with a review of the major issues that arise in such cases from the debtor's, the trustees' and the creditors' standpoints. This webinar is useful for those without deep bankruptcy experience who want to keep abreast of developments in this fast-paced area, as well as experienced bankruptcy practitioners.