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Exceptions to Dischargeability
For many years, financial or securities executives knew that if they had not committed a fraud or had not been fined by the Securities and Exchange Commission (SEC), they could get a discharge in bankruptcy by filing for Chapter 7 or 11. Negligently committing a securities violation would not preclude a bankruptcy discharge for the civil liability flowing therefrom.
The Sarbanes-Oxley Act of 2002 is commonly known for its sweeping reforms to combat corporate and accounting fraud, to establish a new accounting oversight board, and to impose new penalties and a variety of higher standards of corporate governance. Lesser known are the Act's draconian amendments that change bankruptcy law to deny dischargeability of debts incurred by reason of securities laws violations.
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