US Trustee Balks At Buyk's Ch. 11 Employee Bonus Plans
By Vince Sullivan (April 14, 2022, 8:42 PM EDT) -- The federal bankruptcy watchdog objected Thursday to the proposed key employee bonus plans of grocery delivery app Buyk Corp., telling a New York court that the six employees slated to get the bonuses are ineligible for the distributions because they are insiders of the debtor.
In the objection, the Office of the U.S. Trustee says of the six employees included in a key employee incentive plan, three are senior-level officers of Buyk and are insiders prohibited from receiving post-petition bonuses. The other three don't have necessary information about their positions and responsibilities included in the debtor's filings, the objection says....
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