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LLCs and Bankruptcies: What Happens When a Member of the Entity Files?: Live Replay Teleseminar
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When: Monday, April 23, 2018
Dial-in: 12:45 PM | Program: 1:00 PM - 2:00 PM
Where: Teleseminar: WebCredenza

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Target Practice Areas: Trusts and Estate Law |  Level of Difficulty: Intermediate

Brought to you in partnership with WebCredenza
These telephone seminars are presented by national speakers who are experts in their areas of practice often ABA Section chairs, authors of books in their areas of practice, and heads of practice groups.

A fundamental principle of partnership law – widely incorporated into LLC statues – is that you get to choose your own partner.  A partner or LLC member may assign his or her interest to a third-party but the assignee is only entitled to the assignor’s distributions, not his or her voting or substantive rights.  But in insolvency and bankruptcy everything gets more complicated.  Whether a creditor or trustee (holding the interest of the debtor) gets more than economic rights is a complicated question that’s resolved by reference to the nature of the underlying operating agreement and its language. This program will provide you with a practical guide to the treatment of LLC interests when an LLC member becomes insolvent or files for bankruptcy.

  • Practical consequences when LLC or LLC member files for bankruptcy
  • Rights of creditor or trustee to economic and non-economic rights of insolvent LLC member
  • Importance of language of underlying LLC operating agreement and whether it’s executory
  • Practical drafting tips that planners can take to mitigate adverse impact of member insolvency
  • Impact of an LLC becoming insolvent or filing for bankruptcy on its members
  • Common traps when drafting the insolvency/bankruptcy provisions of LLC operating agreements

Allen Sparkman, Sparkman Foote, LLP – Houston and Fort Worth, Texas, and Denver, Colorado

MSBA Standard Member: $69
Non-Members: $99


Once registered, you will receive an email confirmation from the MSBA containing a toll-free telephone number to call on the day of the seminar.

Prior to the seminar or on the morning of the seminar, you will receive an email with a .pdf containing the materials for the program to download to your desktop or mobile device.

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  • Members: If you are a member of the MSBA, please sign in to receive the member rate.
  • Non-Members & Non-Attorneys: If you have attended any MSBA event in the past, you have an account with us. If you do not know your username or password, please call the MSBA. We will provide you with login credentials so you can register online.
  • If you have never attended an MSBA event: Please call the MSBA or mail or fax this registration form to register.

Full refunds will be given to those who cancel by 4:30 p.m., 5 working days prior to the program. Registrants who cancel after this deadline but prior to the program date will be charged an administrative fee of $15 per credit hour. A link to download and print the materials will be sent to those who fail to cancel in advance.


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