Liquid Holdings Group, Inc. - Preference Defense Lawyer
On January 27, 2016 (the "Petition Date"), each Debtor commenced a Bankruptcy case by filing a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors’ chapter 7 cases are jointly administered under Case Case No. 16-10202 (KG).
The Debtors in these Chapter 7 cases are Liquid Holdings Group, Inc. and Liquid Prime Holdings, LLC.
These adversary actions are before the Honorable Kevin Gross.
Common Defenses in Preference Actions
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
If you conducted business with Liquid Holdings Group, Inc. or any of the Debtors and especially if you have received a demand letter or a complaint or if a complaint has been filed but not yet served upon you or your business, contact us here, email us at firstname.lastname@example.org or call the firm’s Wilmington offices directly at (302) 655-5303 to schedule a free initial consultation. We can discuss the situation and share with you our initial observations at no charge.