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Liabilities Of Individuals For Their Business’s Debts

SKU: BNK3300
Total Credits
1 - 1.2
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This CLE program will review the circumstances under which stockholders, or officers, directors, members or partners, of a corporation, LLC or LLP can be held personally liable for debts owed by a business they own or operate, by (1) agreement (guarantee); (2) judicial decision, or (3) statute. The program will include a review of the judicial doctrines of piercing the corporate veil; breach of fiduciary duty upon insolvency; the corporate opportunity doctrine, and the duty of loyalty and fair dealing; and when there may be personal liability (a) under NY Business Corporation Law Sections 719 and 720; (b) to the IRS and NY State for fiduciary taxes/trust fund taxes (taxes withheld from employees’ wages such as income or social security taxes, which are required to be held in trust for US Treasury or NY State, or taxes collected from customers on sales, which are required to be held in trust for NY State); (c) the Fair Labor Standards Act (FLSA) &.or NY Business Corporation Law Section 630; (d) ERISA; and (e) the Lanham Act. Personal liability for violations of the federal WARN Act will also be reviewed.

Lecturer Bio

Neil Ackerman, Esq.

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

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.

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