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NORCROSS, GA, April 02, 2013 /24-7PressRelease/ -- The Nashville bankruptcy attorneys, Clark & Washington, want to discuss the recent Chapter 11 bankruptcy filing by the major pharmaceutical company New England Compounding Center last month. According to the bankruptcy attorneys in Nashville, the firm is responsible for the deaths of 39 people and the illnesses of hundreds more after it knowingly sold tainted steroids. The disease was meningitis, but the real culprit has been deemed NECC. The Nashville bankruptcy lawyers note that although the pharmaceutical company has expressed its condolences and plans to compensate the victims, it has also paid roughly $16 million to its owners, all of which are family members. It must be noted that this figure represents nearly 1/2 of the company's gross sales in 2012. As surprising as it may sound, these high salaries are not unheard of when corporations anticipate filing for bankruptcy.
The Nashville Bankruptcy Law Firm Discusses the Future of NECC
The bankruptcy attorneys in Nashville note that NECC quickly ceased its operations after government officials linked the deaths to its tainted drugs. Experts agreed that the company knew its clean rooms had been contaminated, but continued to sell the steroids anyways. The Chapter 11 bankruptcy is clearly intended to protect the firm from the mass of creditors it owes, namely being the nearly $1 million it owes to FedEx, not to mention the damages that it will likely be forced to pay out to its victims.
Clark & Washington have been a premier Nashville bankruptcy law firm for three decades. To learn more about their services, please visit http://www.bankruptcyattorneynashville.com.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.bankruptcyattorneynashville.com
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