Companies paid $165 million in bonuses before going bankrupt
Companies paid $165 million in bonuses before going bankrupt
- Oct 08, 2021
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The awarding of retention bonuses right before filing for Chapter 11 bankruptcy shoes that the U.S. bankruptcy code needs fixing. The change would involve amending the bankruptcy code rule that Congress passed 15 years ago. The Bankruptcy Abuse Prevention and Consumer Protection Act passed in 2005 limits the debtor companies' ability to give out worker retention and executive bonuses without a bankruptcy judge's blessing. The bankruptcy rule does not however regulate what a company can or cannot do before it files for bankruptcy.
Source: CBS News
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