Greater Danger Ahead For Officers/Directors

Hahn, Avital Louria
August 2005
Investment Dealers' Digest;8/22/2005, Vol. 71 Issue 33, p10
Trade Publication
This article examines the impact of the new bankruptcy bill takes effect in October 2005 on corporate directors in the U.S. The new bill, which sets much stricter guidelines on the ability of companies to control their reorganization under the bankruptcy code and tilts the scales in favor of senior secured creditors, may also result in more lawsuits against directors by unsecured creditors frying to recover their money. The trend has spilled over to less famous cases as well, such as the one involving the ongoing legal wrangling over director and officer liability in Trace International Holdings, which is in a Chapter 7 liquidation under the bankruptcy code.


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