WB Supply LLC - Delaware Preference Defense Lawyer
The bankruptcy case and these adversary actions are before the Honorable Brendan L. Shannon.
On April 20, 2021 Debtor WB Supply, LLC filed a voluntary petition for relief pursuant to Chapter 11 of the Code.
Debtor operated as a debtor-in-possession pursuant to §§ 1107 and 1108 of the Code.
As alleged in the Complaint, "Debtor was a privately held pipe and supply company that catered principally to the oil and gas industry supplying both products and technical services to the industry. The Debtor served its customers through a network of strategically located stores, pump shops, pipe yards, mobile supply stores, and sales offices."
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 pages on Preference Defense Litigation: http://www.tobialaw.com/delaware-preference-defense-lawyer.html
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If you conducted business with WB Supply LLC, and especially if a complaint has been filed against you or your business, even if not served yet, contact us here, email us at firstname.lastname@example.org or call the firm’s Wilmington offices directly at (302) 655-5303 to schedule an initial consultation. We can discuss the situation and share with you our initial observations at no charge.