In these troubled times, attorneys, accountants and other professionals must be very careful in counseling clients that may be in the zone of insolvency.
Is Anyone Safe?
While an attorney may believe he is fulfilling his professional duty by assisting a corporate client in effectuating a financial transaction, if such transaction is ultimately found to be a fraudulent transfer or a breach of the fiduciary duties of one or more of the corporate client's principals, the attorney who counseled the client on such transaction could find him- or herself liable for aiding and abetting a deepening insolvency.
By
Deborah J. Piazza And Jennifer RandoThis premium content is locked for The Bankruptcy Strategist subscribers only
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