Rich Ormond, Patrick Costello and Nate Riordan will review the interplay between the federal priority rule and both receiverships and assignments for the benefit of creditors. Receivers who run afoul of the federal priority rule can become personally liable for an unpaid PPP loan. The presenters will explain the federal priority rule and when potential personal liability for an unpaid PPP loan can attach as well how to think about and plan for a liquidation in which the possibility of personal liability for an unpaid PPP loan could attach.
