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Troutman Pepper

What Is the Contemporaneous Exchange Defense to a Preference Action?

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Preferences are a common issue in bankruptcy proceedings. The Bankruptcy Code provides several affirmative defenses to assist creditors in mitigating or eliminating their preference exposure. One such affirmative defense is...more

Jones Day

New York Bankruptcy Court: Setoff and Unjust Enrichment Cannot Be Asserted as Affirmative Defenses in Bankruptcy Avoidance...

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In a 2021 ruling, the U.S. Court of Appeals for the Second Circuit revived nearly 100 lawsuits seeking to recover fraudulent transfers made as part of the Madoff Ponzi scheme. In one of the latest chapters in that resurrected...more

Smith Debnam Narron Drake Saintsing & Myers,...

Deepening Circuit Split, Third Circuit Holds that Items Seized Pre-Petition Did Not Violate Automatic Stay

Smith Debnam Narron Drake Saintsing & Myers,... on

The Third Circuit has recently held in In re Denby-Peterson, 941 F.3d 115 (3rd Cir. 2019) that creditors who refuse to relinquish an item that was seized pre-petition are not subject to sanctions because their refusal does...more

Dechert LLP

No Futility Exception: Where Transferee is on “Inquiry Notice,” No Good Faith Defense to Fraudulent Transfer Clawback Absent...

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Answering “no” to a certified question from the Fifth Circuit, the Supreme Court of Texas held that a transferee on inquiry notice of fraud cannot shield itself from clawback without diligently investigating its initial...more

Patterson Belknap Webb & Tyler LLP

Bankruptcy Court Addresses Standard For Recovery Of An Alleged Fraudulent Transfer From A Subsequent Transferee

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The Bankruptcy Code gives a trustee powers to avoid certain pre-bankruptcy transfers of the debtor’s property to other entities. For example, a trustee can avoid transfers made with the intent to impair the ability of...more

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