Insolvent businesses that enter bankruptcy or receivership present unique risks to former directors, management, and professionals associated with the company. Receivers appointed by bankruptcy courts or regulators may seek to assert breach of fiduciary duty claims on behalf of the company against its former directors and management and malpractice claims against its former outside accountants, attorneys, and other professionals. Our firm has extensive experience defending against such claims, particularly with respect to insolvent financial institutions and insurance companies. Our experience includes negotiating with regulatory authorities regarding potential claims, as well as litigating such claims through trial and on appeal. We also understand the complex regulatory regimes governing such institutions, as well as the critical legal doctrines upon which such cases often turn, including in pari delicto and “deepening insolvency” theories.