Insider Preferences?

07-19-2001, 02:53 PM

question1011

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I understand in business bankruptcies that payments to insiders w/i 12 months of bankruptcy are considered preferences and can be reversible in bankruptcy.

Does this apply to payments to the CEO for:

1. Normal salary; and
2. Reimbursement of normal operating and travel expenses incurred and paid by the CEO with personal credit card promptly after receiving such bills?

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