Originally from:
Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Hardcover
Advising Minnesota Corporations and Other Business Organizations - 2nd Edition - Electronic
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CHAPTER 108
CRIMINAL IMPLICATIONS ARISING
FROM A FAILED COMPANY
Section
§ 108.01 Introduction
§ 108.02 The Bankruptcy Code
§ 108.03 Federal White Collar Crime
§ 108.04 Minnesota Corporate Criminal Statutes
§ 108.01 Introduction
Attempting to rescue a business encountering economic difficulties or
that is on the verge of financial collapse often calls for drastic actions. In
certain instances, however, individuals associated with a troubled
business take part in conduct that violates either state or federal criminal
law. This Chapter will provide a brief outline of some of the provisions
under the Bankruptcy Code, other federal law, and Minnesota law
designed to address such conduct. Although not intended to address
every conceivable aspect of white collar crime, this Chapter is intended
to provide a survey of the more common issues and provisions in this
area of law.
§ 108.02 The Bankruptcy Code
On the filing of a bankruptcy petition, the bankruptcy court has
jurisdiction over all property of the debtor’s estate.1 Such property either
will be liquidated and distributed to creditors in a Chapter 7 case, or
utilized to pay creditors pursuant to a plan of reorganization in a case
under Chapter 11, 12, or 13. There may be a great temptation for a debtor
or its officers to conceal certain assets in order to avoid their use for
satisfaction of creditors’ claims. Any judge, receiver, or trustee having
reasonable grounds for believing such conduct has taken place must
report to the United States Attorney all facts and circumstances of the
Roger J. Magnuson is a Partner at Dorsey and Whitney, LLP, where he serves as Head of the National Strategic Litigation Group and has practiced since 1973. He has been recognized as one of the top trial lawyers in the United States by major national and international publications, including Chambers International Guide to American Lawyers, which profiles the top 500 trial lawyers in the United States, Best Lawyers in America, Who's Who in American Law, and Who's Who in America. Mr. Magnuson was also recognized by a Journal of Law and Politics' survey for Judge's Choice "Wins Most Cases."
Some high profile cases that he has litigated include representation of the Florida Senate in the Bush v. Gore election controversy in 2000; and representation of the Plaintiffs in the widely publicized and studied Mall of America case. For several years he has represented, among other persons and entities, the Minnesota Twins and Major League Baseball principals and players in litigation; and has litigated national and local cases in federal and state court venues. He has appealed before the Supreme Court in a number of cases; as well as the Minnesota Supreme Court. He has authored several articles and 7 books.
Richard A. Saliterman is a Principal in Saliternan & Siefferman P.C., a full-service firm in Minneapolis established in 1976. Mr. Saliterman is a leading expert on corporate business matters, and is the author of several publications on business start-ups, franchises, and trademarks. Mr. Saliterman is the former National Judge Advocate for the U.S. Navy League, based in Washington D.C.
Contributing Editor:
Amanda Chang
Contributing Authors:
Alecia Anderson
Seth Back
John Baker
Shannon Berg
Constatin Burachek
Benjamin Carpenter
Ryan Check
Carl Christensen
Peter Fear
Michael Frasier
Aaron Hall
Catherine Hanson
Paul Harman
Amy Ithlan
Michael Kern
Chris Kuhlman
Brett Larson
Joshua Lederman
Karen Lundquist
James Magnuson
Jennifer Mead
Rao Menier
Heidi Miller
Rachael Moxon
Oliver Nelson
Scott Peitzer
Mitchell Skinner
Jonathan Stechmann
Lael Weinberger
Jonathan Wilson
Alex Zumbulyadis
