Enron seeks $53m from former employees

Enron seeks $53m from former employees

Bankrupt energy giant Enron will attempt to recover $53m (£33m) it made in 'preferential payments' to former and current employees before it went bankrupt.

Link: UK plc still facing Enron threat

An employee’s committee from the scandal-hit company is intending to recoup money given out to 114 employees in the days leading up to the declaration of bankruptcy as under US law the company cannot make payments to one creditor in preference to another in the 90 days before bankruptcy.

Staff who won pay outs had applied to make withdrawals from their deferred compensation accounts in the month before the December 2001 bankruptcy declaration, according to The Times.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource