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The Bankruptcy Hotline
D&O Policy Is Property of the Estate
The Bankruptcy Court for the Eastern District of Pennsylvania has ruled that the proceeds of a directors and officers liability insurance policy are property of a Chapter 11 debtor's bankruptcy estate. Under the policy, the debtor corporation was indemnified for losses resulting stemming from securities claims, and here, a creditor was suing the debtor for violations of securities laws. The bankruptcy court found that because the debtor was covered for this type of claim, the trustee, as successor to the debtor, could properly claim an interest in the proceeds of the policy. Morris v. National Union Fire Insurance Co. of Pittsburgh (In re Eastwind Group Inc.), No. 00-33372 (Jan. 14, 2004).
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