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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (50096)	8/2/2013 7:43:01 PM
From: i-node	Read Replies (2) \| Respond to of 85487

>> evasive with super spin an obfuscation as always Look, I gave you a long-winded, spin-free response with no obfuscation. I just don't think this is going anywhere. >> You can't comment on the examples I gave in the linked article, I have no idea what article you're even talking about. I looked back about a half-dozen posts and didn't see one. >> I've never heard of a major CEO being held personally liable in a BK. I can't help that you've never heard of it. I'm guessing you haven't done a lot of bankruptcy work. One of the biggest threats to the CEO is personal liability for unpaid payroll taxes, which cannot be discharged in a personal bankruptcy and can take his ability to earn a living from him. When there are many employees, this can be a lot of money. I once had a client that was a hotel operation that involved hundreds of employees -- which unfortunately was owned as a general partnership with 25 partners. They all ended up being liable for unpaid P/R taxes. And the liability is joint and several, meaning the IRS has the right to collect the full amount from EACH of them, at which point they can try to get back the excess. The same can be true for sales taxes collected and not paid. A CEO can be held personally liable as a result of conversations with creditors, and obviously if there is malfeasance of any kind.