This panel explores the roles, responsibilities, benefits and liabilities in using independent directors through multi-jurisdictional insolvency proceedings and discusses using directors strategically throughout the life of a company. The panelists explain the three typical stages of a company where directors could be instructed — going concern, insolvency and emergence from a restructuring — then explain the roles and responsibilities at each of these appointments. The session also overlays the jurisdictional distinctions among various administrative proceedings, including offshore liquidations, U.S. bankruptcy, U.S. receiverships and common law receiverships. The panelists offer real world examples to show the differences and how the role of the director is utilized, as well as what is at stake for them, the company, the creditors and the investors.