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Northern District of Illinois – Focus of Inquiry Regarding Reasonably Equivalent Value Must Be On A Specific Transfer That A Trustee Seeks to Avoid Rather Than On Analysis of The Transaction’s Overall Value To A Debtor

June 22, 2021 admin

May 19, 2021, Northern District of Illinois – Ronald Peterson filed an adversary proceeding as a Trustee of Chapter 7 Debtor Mack Industries, Ltd against Defendant Premier Electric Services, Inc. to avoid over $520,000 in transfers as fraudulent or preferential. Premier moved to dismiss the claim in Count 1 of the amended complaint for fraudulent transfers […]

A Connecticut Court Denies A Defendants’ Motion To Dismiss, Alleged Assets Were Transferred For Less Than Reasonably Equivalent Value

June 14, 2021 admin

May 20, 2021, District of Connecticut – Debtor Integrity Graphics, Inc. was a full-service print and design company in Connecticut. The Debtor had a commercial revolving line of credit with Defendant People’s United Bank (PUB), as well as additional loans (collectively, the “Loan”) that were subject to a master credit agreement between the Debtor and […]

A Virginia District Court Denies Defendant’s Motion to Withdraw Reference, Finds Defendants Had Already Submitted to the Bankruptcy Court’s Equitable Jurisdiction

June 4, 2021 admin

May 28, 2021, District of New Jersey – The case arose from the underlying adversary proceedings involving Debtor LeClairRyan, which is a national law firm headquartered in Virginia. Defendant UnitedLex provided personnel to assist the wind-down operations and received compensation for those individuals’ services from the bankruptcy estate. The joint venture between the Debtor and UnitedLex […]

Bankruptcy Court for Southern District of New York: Pre-Petition Claims May Not Set-Off Against Post-Petition Claims Under Doctrine of Mutuality

May 31, 2021 admin

The Bankruptcy Court for Southern District of New York recently concluded that the defendant investment institutions are liable for breach of contract and turnover of property because their purported setoffs were invalid and their safe harbor defenses failed.

A New York Bankruptcy Court Allows Level 8 Apparel Trustee to Use the Doctrine of Equitable Tolling and Extend the One-Year Statute of Limitation For the Claim

May 24, 2021 admin

A Chapter 7 trustee recently brought an action against insider defendants to avoid transfers under 11 U.S.C.S. §§ 548(a)(1)(A) and 544(a) and (b) of the Bankruptcy Code and N.Y. Debt. & Cred. Law § 276.

A New York Bankruptcy Court Allows Trustee to Use the Doctrine of Equitable Tolling and Extend the One-Year Statute of Limitation For the Claim

May 21, 2021 admin

A Florida Court Rules in Favor of a Title Insurance Company Because Plaintiff Failed to Meet His Burden of Proof on Issue of Reasonably Equivalent Value

April 10, 2021 admin

The Court ruled that a debtor's transfer of assets to a defendant was not avoidable as a fraudulent transfer under 11 U.S.C.S. § 548 and Fla. Stat. §§ 726.105, 726.106, because the debtor transferred tangible assets in exchange for the defendant's assumption of debtor's title insurance policy liabilities.

An Indiana Court Permits ITT Educational Services Trustee to Clawback About $200k Preference Transfers from a Leading Publishing Company

March 23, 2021 admin

Trustee Deborah J. Caruso for the bankruptcy estates of ITT Educational Services, Inc., ESI Service Corp., and Daniel Webster College, Inc. sued Defendant John Wiley & Sons, Inc. to recover alleged preference payments from the Defendant under § 547 of the Bankruptcy Code.

Insufficient Badges of Fraud to Establish Fraudulent Intent, Texas Court Dismisses Trustee’s Claims

March 22, 2021 admin

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A Texas Court ruled in the favor of a debtor, holding that alleged cash transfer constituted a fraudulent transfer under 11 U.S.C.S. § 548(a)(1)(A) and TUFTA, as the affirmative defense of reasonably equivalent value or good faith was not shown.

An Involuntary Transfer of a Title to a Farm is Constructively Fraudulent, Debtor Did Not Receive Fair Market Value

March 18, 2021 admin

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At issues was - Whether Defendant provided reasonably equivalent value to a Debtor by satisfying tax lien in exchange for a transfer of absolute title to a farm.

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