Corporate Accountability in Bankruptcy Act

Summary

Corporate Accountability in Bankruptcy Act - Amends Federal bankruptcy law to authorize the bankruptcy trustee to avoid any transfer made within one year before the date of the bankruptcy petition if it was made to an insider, officer, or director for any bonuses, loans, or other extraordinary or excessive compensation. Authorizes the bankruptcy trustee to avoid any transfer of debtor's interest in property, or of any obligation incurred by the debtor and paid to any officer, director, or employee of an issuer of securities, if: (1) the transfer was made, or the obligation was incurred within four years before the petition filing date; and (2) the officer, director, or employee committed either a securities violation, or committed fraud, deceit, or manipulation in a fiduciary capacity or in connection with a securities transaction, or engaged in illegal or deceptive accounting practices.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 September 2002

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 September 2002

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 September 2002

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.