Corporate Transparency Act
On May 10th, Christopher Hughes, Kimberly Kamar and Doug Schwartz discussed the Corporate Transparency Act during the Trustee Connect Webinar hosted by the National Association of Bankruptcy Trustees (NABT).
The Corporate Transparency Act (CTA) is a radical addition to the federal reporting scheme that requires corporate entities operating in the U.S. to file their “beneficial ownership” information with the Financial Crimes Enforcement Network (FinCen). As the CTA reporting scheme is in its infancy, many of the kinks have not been worked out – including its maddeningly-vague applicability to bankruptcy trustees. Chris, Doug, Kimberly and their fellow presenters walked through the basics of filing requirements under the CTA, how trustees potentially need to make impactful judgment calls in all bankruptcy estates that include corporate entities and current litigation challenges faced.
The National Association of Bankruptcy Trustees is the voice of the Chapter 7 and Subchapter V Bankruptcy Trustee community, serving their interests and needs through education, communication and promotion of the profession.
