relative of a general partner, director, officer, or person in control of the debtor.
(§101(31), Bankruptcy Code.) Such persons or entities are in a position to influence the debtor's actions. Since they are so closely related to the debtor, transactions between the debtor and insiders are not considered arm's-length and are subject to the court's close scrutiny.
Securities and capital markets, a person with access to material information relating to a company before it is announced to the public and who has a duty to the issuer not to misuse such information. Directors, officers, and key employees have access to material non-public information by virtue of their positions and are considered insiders. Significant stockholders may be presumed to have this access and are likely to be considered insiders.