Thomas Cook to Present LMA Academy Master Class on U.S. Bankruptcy Process
January 24, 2017On January 24, 2017, Thomas Cook, a partner in the Dallas office of Zelle, will present a Lloyd’s Market Association (LMA) Academy master class titled “What Every Insurance Professional Needs to Know about the U.S. Bankruptcy Process.”
When an insured declares bankruptcy, first-party insurance claims and settlements grind to a halt. In short, the claims process is no longer your own. Bringing such claims to closure requires dealing with a host of third parties, including the bankruptcy trustee, the secured, unsecured creditors’ committees and the courts. Pending litigation is typically stayed and coverage disputes, if any, must typically be resolved in the bankruptcy courts.
In this master class, Cook will examine some of the key issues that arise at the intersection of bankruptcy and insurance, including:
- how U.S. bankruptcy courts work and why it matters
- how to get court approval of a proposed claims settlement
- the two major types of bankruptcies (Chapters 7 and 11) and their respective implications
- identifying the key players in a bankruptcy and why you should befriend them
- why it matters whether insurance proceeds are considered property of the bankrupt estate
- resolution of coverage disputes in bankruptcy
- invoking the protections of the U.S. bankruptcy code to achieve finality.
The goal of the LMA Academy is to raise the profile of education in the Lloyd's market. This is delivered through a series of modular programs, workshops, master classes and alumni events that support learning and career development. For additional information regarding the LMA, or to register for this session, visit the LMA website.
