Corporate Accountability in Bankruptcy Act
Last action on Apr 9, 2003Read twice and referred to the Committee on the Judiciary.
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Summary
Corporate Accountability in Bankruptcy Act - Amends Federal bankruptcy law to permit a bankruptcy trustee to avoid any transfer made within one year before the date of the filing of the bankruptcy petition to an insider, officer, or director for bonuses, loans, nonqualified deferred compensation, or other extraordinary or excessive compensation.
Permits the bankruptcy trustee to avoid any transfer of specified assets made or obligation incurred on or within four years before the filing of the petition for relief, or that involves: (1) a violation of securities laws; or (2) fraud, deceit, or manipulation in either a fiduciary capacity, or in connection with the purchase or sale of registered securities.
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