This interactive discussion identifies and discusses the issues that attorneys who practice in the insolvency area should comprehend and consider in the complicated interactions between director and officer liability insurance and bankruptcy law. The discussion also includes a review of recent decisions that have an impact in this developing area. The panelists address the pitfalls and challenges in realizing value on D&O policies; effective approaches for challenging them, including how to interpret policies, what to look for in the policies, and strategies and solutions that address policy exclusions; unique bankruptcy issues; and differences among cases involving trustees and debtors in possession.