I think that only applies if you do something illegal. What will probably happen is that they'll get sued, and as part of the settlement the company will be forced to pay out $_ million. Since the company probably won't have that, they'll end up declaring bankruptcy.
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What about officers of the corp, aren't they also responsible?
I think that only applies if you do something illegal. What will probably happen is that they'll get sued, and as part of the settlement the company will be forced to pay out $_ million. Since the company probably won't have that, they'll end up declaring bankruptcy.
But then again I'm no lawyer
Only if they act illegally or irresponsibly, right? Otherwise only assets of the corporation are at risk.
holding customer funds without complying with banking laws is a federal crime - making them liable personally
you should tell paypal about that
paypal is a registered bank
Not in the US it isn't.
Not unless fraud is proven. Unfortunately, bad management is not punishable,