News & Analysis as of

Fraudulent Conveyance Bankruptcy Code

Bennett Jones LLP

Ontario Court of Appeal Considers Interpretation of “Creditors or Others” Under the Fraudulent Conveyances

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The Ontario Fraudulent Conveyances Act (the FCA), a concise statute of long-standing that traces its history to an English statute of 1571, is intended to prevent conveyances of property made with the intent to defeat,...more

J.S. Held

Analysis of Fraudulent Conveyance Actions

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Disputes over allegedly fraudulent conveyances have become more common in bankruptcy cases. Fraudulent transfer allegations are also common in transactions such as leveraged buy-outs and recapitalizations. Analysts are...more

Kelley Drye & Warren LLP

Ten Years Gone – Delaware Bankruptcy Judge Rejects Effort to Extend Lookback Period for Avoidance of Pre-Bankruptcy Transfers

A recent decision by Delaware Bankruptcy Judge John Dorsey will limit the ability of bankruptcy trustees to expand the lookback period for avoiding pre-bankruptcy transfers beyond the four years provided under most state law...more

Jones Day

New York District Court Expands the Scope of the Bankruptcy Safe Harbor for LBO Payments

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In 2019, the U.S. Court of Appeals for the Second Circuit made headlines when it ruled that creditors' state law fraudulent transfer claims arising from the 2007 leveraged buyout ("LBO") of Tribune Co. ("Tribune") were...more

Miles & Stockbridge P.C.

Bankruptcy Court Within Fourth Circuit Permits Fraudulent Conveyance Claims to Move Forward Under IRS 10-Year Reach Back Period

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A recent opinion by the United States Bankruptcy Court for the Western District of North Carolina kept alive a bankruptcy trustee’s fraudulent conveyance claims based on, in part, the Internal Revenue Code (“IRC”) 10-year...more

Freeman Law

Fraudulent Conveyances

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Section 548 of the Bankruptcy Code provides a bankruptcy trustee (or the debtor-in-possession) the power to set aside or “avoid” certain transfers of the debtor’s assets out of the bankruptcy estate that may otherwise place...more

Jones Day

Expanding the Scope of the Bankruptcy Safe Harbor for Securities Transactions

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In 2019, the U.S. Court of Appeals for the Second Circuit made headlines when it ruled that creditors' state law fraudulent transfer claims arising from the 2007 leveraged buyout ("LBO") of Tribune Co. ("Tribune") were...more

A&O Shearman

Can a Corporate Debtor Be a ‘Financial Institution’? Second Circuit Again Holds That Tribune’s LBO is Protected By the Bankruptcy...

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On December 19, 2019, the Second Circuit held that appellants’ state law constructive fraudulent transfer claims were preempted by virtue of the Bankruptcy Code’s safe harbors that exempt transfers made in connection with a...more

Jones Day

The Year in Bankruptcy: 2019

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Except for disastrous fires that sparked the largest bankruptcy filing of the year, liabilities arising from the opioid crisis, the fallout from price-fixing, and corporate restructuring shenanigans, economic, market, and...more

Dechert LLP

Second Circuit Paves a Way to Protect LBO Payments from Avoidance Actions 

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The Second Circuit Court of Appeals recently held in In re Tribune Company Fraudulent Conveyance Litigation, No. 13-3992-cv (L) (2d Cir., Dec. 19, 2019) that Bankruptcy Code Section 546(e) barred claims seeking to avoid...more

Patterson Belknap Webb & Tyler LLP

New York Amends Its Fraudulent Conveyance Law by Enacting the Uniform Voidable Transactions Act

Last month, New York enacted the Uniform Voidable Transactions Act (“UVTA”), which seeks to modernize the state’s fraudulent conveyance law. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Second Circuit Recognizes ‘Customer’ Safe Harbor in Tribune LBO Litigation

As we had anticipated in our prior client alerts, the “customer” safe harbor defense to constructive fraudulent conveyance claims challenging securities transactions — which was flagged by the U.S. Supreme Court in Merit...more

Cadwalader, Wickersham & Taft LLP

No, You’re a Customer: Recent Second Circuit Decision Circumscribes Merit and Preempts State Law Impairment of Safe Harbor...

On December 19, 2019, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) affirmed a ruling of the United States District Court for the Southern District of New York (the “District Court”)...more

Patterson Belknap Webb & Tyler LLP

500 Years and Counting: 16th Century Legal Principles Resonate in Modern Fraudulent Transfer Jurisprudence

Anglo-American legislators and judges have been dealing with the treatment of debtors’ transactions that adversely affect their creditors at least since the Sixteenth Century. In 1571, Parliament enacted the famous statute...more

Obermayer Rebmann Maxwell & Hippel LLP

The Third Circuit Determines That New Jersey Tax Foreclosure Is Subject To Bankruptcy Preference Avoidance

Unlike mortgage foreclosures, which are immune from fraudulent conveyance avoidance attack, the Third Circuit recently ruled, in a case of first impression, that a transfer of title pursuant to a New Jersey tax sale...more

Patterson Belknap Webb & Tyler LLP

Can Tax Sales Be Set Aside In Bankruptcy? The Federal Courts Are Increasingly Split

In BFP v. Resolution Tr. Corp., 511 U.S. 531 (1994), the Supreme Court held that a mortgage foreclosure sale conducted in accordance with state law was shielded from avoidance under the Bankruptcy Code’s fraudulent conveyance...more

Jones Day

From the Top: U.S. Supreme Court to Hear Case on Scope of Section 546(e)'s Safe Harbor

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On May 1, 2017, the U.S. Supreme Court agreed to hear Merit Management Group v. FTI Consulting, No. 16-784, on appeal from the U.S. Court of Appeals from the Seventh Circuit. See FTI Consulting, Inc. v. Merit Management...more

Kelley Drye & Warren LLP

Jevic Could Be the Most Consequential Chapter 11 Decision in Many Years

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The U.S. Supreme Court will hear the case of Czyzewski v. Jevic Holding Corp. during the new term that began last week. The questions it presents are relatively simple. First, can a bankruptcy court, in dismissing a case...more

Holland & Knight LLP

Supreme Court Reverses Fifth Circuit's Interpretation of "Actual Fraud"

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In a resounding 7-1 decision, the U.S. Supreme Court resolved an existing split among the U.S. Circuit Courts of Appeal, determining that "actual fraud" under Section 523(a)(2)(A) of the U.S. Bankruptcy Code does not require...more

Latham & Watkins LLP

Ever-Expanding Safe Harbor Leaves Creditors’ Claims Stranded at Sea

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Second Circuit holds that Bankruptcy Code preempts creditors’ state law constructive fraud claims. On March 29, 2016, the Second Circuit issued its opinion in In re Tribune Company Fraudulent Conveyance Litig.,...more

McGuireWoods LLP

Second Circuit Rules that Bankruptcy Safe Harbor Preempts State Law Fraudulent Transfer Rights

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Today, the Second Circuit reissued the latest in a line of cases adopting an expansive reading of the safe harbor under Section 546(e) of the Bankruptcy Code. In re Tribune Co. Fraudulent Conveyance Litig., Case 13-3992, Doc....more

Troutman Pepper

Strong Arm Powers: Does Sovereign Immunity Trump a Claim Based on State Law?

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Kohut v. Wayne County Treasurer (In re Lewiston), 528 B.R. 387 (Bankr. E.D. Mich. 2015) – The debtor made property tax payments on behalf of several real estate projects.  The chapter 7 trustee sought to recover those...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Third Circuit Provides Road Map for Structured Dismissals"

In the past decade, Chapter 11 practice has witnessed the rise of a new phenomenon: structured dismissals.1 Broadly speaking, the term structured dismissal is an umbrella term for a dismissal order that includes additional...more

Cooley LLP

Blog: Recent Decision May Assist Challenges to Alleged Fraudulent Transfers

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A recent decision by the Bankruptcy Court for the Southern District of New York may enhance the ability of bankruptcy trustees and creditors committees to challenge allegedly fraudulent transfers that could qualify for...more

Greenberg Glusker LLP

9th Circ. Panel Bolsters Trustees’ Reach-Back Powers

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In a recent decision, the United States Bankruptcy Appellate Panel of the Ninth Circuit resolved what it described as an issue of “first impression” in the Ninth Circuit — whether or not the two-year statute of limitations...more

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