Preferences and How to Avoid them in Both Bankruptcy and State Court Venues


Credit managers and accounts

payable departments are often faced with

concerns surrounding faltering business

customers. Both the Bankruptcy Code and

state court laws contain provisions dealing

with payments and other considerations

made during the last several months prior

to instituting insolvency proceedings. If

you are the recipient of payments during

that period which is 90 days under the

Bankruptcy Code, you may have to return

the payment or at least a part of it

depending on the circumstances.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Lawrence Clancy | Attorney Advertising

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