Connections Community Support Programs, Inc. - Preference and Fraudulent Transfer Defense Lawyer
The bankruptcy case and these adversary actions are before the Honorable Judge Mary F. Walrath.
On September 27, 2021, the Debtor filed a Motion to Convert Debtor’s Chapter 11 Case to a Case Under Chapter 7 of the Bankruptcy Code. The Court entered an Order converting this case on September 27, 2021.
On September 27, 2021, Don A. Beskrone was appointed to serve as the Interim Chapter 7 Trustee in Debtor's bankruptcy case. On December 22, 2021, a meeting of creditors as required by 11 U.S.C. § 341 was held and concluded. Mr. Beskrone now serves as the Trustee of the Debtor and its estate under 11 U.S.C. § 702(d).
The United States Bankruptcy Code provides many affirmative defenses to preference actions, contained within Section 547(c). For example, the most common defenses that may be available to a Defendant under Section 547(c) may include:
• the transfer was a contemporaneous exchange for new value given to the debtor (i.e., the debtor received something of value in exchange for the transfer); 11 U.S.C. §547(c)(1);
• after such transfer, Defendant gave new value to or for the benefit of the debtor (i.e., the Defendant extended additional credit to the Debtor after receiving the transfer) 11 U.S.C. §547(c)(4); or
• the transfer was in payment of a debt incurred by the debtor in the ordinary course of business or financial affairs of the debtor and the recipient (i.e., Defendant made the transfer under ordinary business terms). 11 U.S.C. §547(c)(2).
For more information, see our page on Preference Defense Litigation: http://www.tobialaw.com/delaware-preference-defense-lawyer.html
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