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  • Description

    The issue of liability is complicated and the question of who is responsible when a loss is suffered can, at times, become quite personal. This CLE course will explain the circumstances under which stockholders, officers, directors, members and/or partners in a corporation may be held personally liable for debts owed by the business they own or operate. The course will discuss the types of ownership including that of by agreement, judicial decision and statute and will cover corporations, LLC’s and LLP’s. The course will include an overview of judicial doctrines regarding piercing the corporate veil, breaches of fiduciary duty in instances of insolvency, loyalty and fair dealing practices, and corporate opportunity doctrines. Personal liability as it is explained under the NY Business Corporation Law Sections 719 and 720, to the IRS and NY State for fiduciary or trust fund taxes, ERISA, the Lanham Act or the Fair Labor Standards Act or NY Business Corporation Law Section 630. The course will also undertake a review of personal liability in conjunction with the federal WARN Act.

  • Instructor Bio

    Neil Ackerman

    Neil is a 5.0 AV rated attorney with 38+ years' experience, focusing on Commercial & Consumer Bankruptcy Law, Debt Restructuring & Workouts, & Commercial Litigation. Neil has successfully represented numerous businesses, including public corporations, and individuals, as well as Creditors' Committees, Investor's Committees, and Bondholders' Committees in Chapter 11 Bankruptcy cases; and Bankruptcy Trustees in numerous Chapter 7 and 11 cases. He has also represented hundreds of individual and married debtors in Chapter 7, 11 and 13 cases; numerous defendants in preference & fraudulent conveyance actions, and other bankruptcy adversary proceedings; and banks, insurance premium finance companies and other secured and unsecured creditors & landlords in Chapter 7, 11 and 13 Bankruptcy cases. Additionally, he has successfully represented Banks and other secured creditors, and landlords, as well as debtors, in pre-bankruptcy & outside-of bankruptcy debt workouts; & he has extensive experience in foreclosure defense & mortgage modifications.

    Neil was the Law Clerk for the Hon. Cecelia Goetz, U.S. Bankruptcy Judge for the Eastern District of New York, in 1981-1982; he was a Bankruptcy Trustee in the U.S. Bankruptcy Court for the Eastern District of NY for more than 20 years; and he is the Chairperson of the Bankruptcy Law Committee of the Nassau County Bar Association.

    Neil was also the editor of "Bankruptcy for Bankers" of the Banking Law Journal between 1999-2000; authored 13 articles that were published in the NY Law Journal, the Banking Law Journal and the Long Island Business News; and lectured at many legal seminars on Bankruptcy & Real Estate issues to Attorneys, Trade Associations, students and the general public. Neil is the most viewed writer on Bankruptcy Law on Quora; and Neil is listed as one of the Top Bankruptcy Attorneys/Resources To Follow on Twitter by justipedia.com.

    Neil previously was the Partner in charge of the Bankruptcy Departments of several major Law Firms, including Rivkin Radler, Meltzer Lippe, Warshaw Burstein and Finkelstein Bruckman.

    Neil is presently the Managing Partner of Ackerman Fox, LLP, a Law Firm located in the New York metropolitan area, which primarily represents small and medium-sized companies as debtors, creditors (most often landlords and secured creditors) and committees in Chapter 11 cases and other bankruptcy cases, bankruptcy lawsuits, and outside-of Bankruptcy restructurings and workouts. The Firm has a strong litigation practice, having been involved in more than a thousand lawsuits (most of these during Neil’s 25 years as a Bankruptcy trustee). The Firm also represents consumers in all types of Bankruptcy cases and mortgage foreclosure defense.