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Old 07-26-2019, 05:32 PM
Wrenching Spanners is offline
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Join Date: Jun 2011
Location: London
Posts: 580
Quote:
Originally Posted by Crane View Post
By bankrupting the company, you avoid any subsequent consequences. It is routinely done in construction, mining and oil drilling.

The incorporators take out the money then terminate the corporation and with it, responsibility. Any spill over costs are paid by the tax payers.
There's no need to bankrupt the company to avoid any subsequent consequences. The liability of investors is already limited. You seem to be under the impression that a bankruptcy provides a layer of protection against nefarious external payments. If anything, the opposite is true. Debtors have no right to file suit against receivers of corporate payments. Bankruptcy administrators do.

I've just realised that this is a hijack of the thread, and while I'm interested in any feedback you care to provide, unless it relates to personal responsibility, I'm going to abstain from responding. If you'd like a discussion of the ethics or functionality of corporate bankruptcy with my input, please start a new thread.