Director and officer (D&O) insurance policies typically cover certain claims against the D&Os by third parties (often shareholders) and claims by a trustee in bankruptcy. The policies also cover certain claims against the debtor company. This panel discusses the different coverages, the types of claims that may be pursued against officers and directors by shareholders, creditors and a bankruptcy trustee, defenses often asserted to the claims, and potential policy exclusions that may affect coverage. The panel also focuses on the tension, and often litigation, over D&O insurance proceeds when there are competing claims by a trustee and by shareholders or creditors, including the circumstances that may justify entry of a bar order precluding third-party claims as part of a settlement of claims by the trustee.