Rafael Zahralddin-Aravena, Shelley Kinsella and Eric Sutty serve as lead panelists at the Pennsylvania Bar Institute’s 20th Annual Business Lawyers’ Institute

Firm News

November 13, 2014

Elliott Greenleaf’s Chair of its National Bankruptcy and Restructuring Practice, shareholder and director Rafael X. Zahralddin-Aravena, along with shareholder Shelley Kinsella and Eric Sutty, served as lead lecturers for the “Directors’, Officers’ and Advisors’ Liability” presentation at the Pennsylvania Bar Institute’s 20th Annual Business Lawyers’ Institute. This panel examined issues surrounding the proper protections in place for officers, directors and advisors. Attention was paid to protections for directors and officers in state corporate law statutes, contractual indemnification in the company’s articles of incorporation, indemnification in the company’s bylaws, individual protections in employment contracts, and insurance. The panel also discussed Delaware and Nevada law particularly in comparison to Pennsylvania law. Rafael, Shelley and Eric also addressed recent state law developments, including in the Delaware Chancery Court, and the United States Court of Appeals and District Courts. The program covered a wide array of topics for the business lawyer focusing on legislative changes that have been enacted, and those in process, with regard to Pennsylvania business entities. In 2012 Benefit Corporations were authorized and last year the Nonprofit Corporation Law was comprehensively reviewed. The Pennsylvania General Assembly is in the process of adopting META (the Model Entity Transactions Act) as well as new chapters on names of associations and registration of foreign associations. The program was approved by the Pennsylvania Continuing Legal Education Board for 12 hours of CLE credit.