Under Mass law, is a company required to pay employee severance if it files chapt 11 or chapt 7?

I joined an early stage company in Cambridge 1 year ago as an executive. The company is incorporated in Delaware and employees based in Massachusettes. I signed an employment agreement that included non-compete and 6 months salary continuance severance pay for termination. The employment agreement does not address any bankruptcy protection or corporate disollution. The company will likely either file chapter 11 or 7 next month. Should I expect to receive any severance? Is severance considered an accrued employment expense (officer liability) or is it an unsecured liability?

0 answers  |  asked Oct 15, 2009 11:53 AM [EST]  |  applies to Massachusetts

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