$800k Alleged Clawback Suit Against The Independent Bankersbank

September 16, 2021, Northern District of Texas – Trustee Diane G. Reed for the bankruptcy estate of The Lasalle Group, Inc. ( “Debtor”) initiates a complaint to avoid and recover transfers worth $ $830,441.95, allegedly made by the Debtor to The Independent Bankersbank (“TIB”) as fraudulent conveyances under Sections 548, 550, 502 and 544 of the Bankruptcy Code.

As alleged in the complaint, the alleged transfers were made to pay down the monthly balance on a corporate purchase card account in the name of the Debtor-affiliated management company, TLG Family Management, LLC (“TLGFM”). The Trustee contends that the purchase card account was established under a contract between TIB and TLGFM and Debtor was neither a party to the purchase card account nor the contract. Thus, according to the Trustee, Defendant must return the alleged transfers, because the Debtor did not receive reasonably equivalent value in exchange and made the transfers when the Debtor was insolvent or became insolvent as a result of the transfers.

The case is In re The Lasalle Group Inc., Case Number – 19-31484-SGJ-7 in the United States Bankruptcy Court for Northern District of Texas.

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