If former CEO Tim Owens is from UK and owe's IRS/US debt he could land in UK-Debtor-prison even if he files for Bankruptcy protection. UK takes people's homes FOR DEBT. History.. UK is the home of the Banking Business Model AKA Alexander Hamilton(real name Levine CARRIBEAN BANKER-funny money importer).
However if Tim Owens is US citizen he isn't liable for debt as former CEO, just as shareholders are not liable for debt of company they own shares in. Infact CEO Owens/Berman can be paid for 6 months salary if terminated over 14 month..$4500 per month excluding the cash out Pref stocks owned.