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The ordinary course of business defense to preferences: the case of the earlier payments. (Credit Column).
Introduction
Back to the strange and melodramatic place known as the PREFERENCE ZONE. It is a most frustrating place for credit grantors, who first spend a great deal of time and resources collecting their claims from financially troubled customers, and then face the risk of being forced to return payments they had received within 90 days of their customer's bankruptcy filing. The prospect of having to disgorge their hard gotten gains to a bankruptcy trustee or debtor-in-possession, after having written off their substantial claims against the debtor, is, to put it bluntly, ONE HECK OF A BUMMER!
But enough with the hysterics. A creditor facing the risk ...
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- Beware of the 91- or 92-day preference period: the Preference Zone expands....
- Magazine article from: Business Credit Nathan, Bruce S. January 1, 1999 700+ words
...holiday), the preference period would be extended...holiday, the preference period would be extended...trustees and debtors-in-possession...the 90-day preference period a few extra...Greene, the Debtor had delivered...
- A standby letter of credit payment within the preference period is not a...
- Magazine article from: Business Credit Nathan, Bruce S. June 1, 2005 700+ words
...letter of credit during the 90-day preference period is recoverable as a preference. A letter...District of Pennsylvania, a Chapter 11 debtor had brought a preference action against...noncomplying documents. The ITXS Case The debtor, ITXS, a lessee of real property...
- Deprizio revisited: avoiding the extended preference period.
- Magazine article from: Business Credit Teigen, Pamela J. Fagel, Allen J. March 1, 1992 700+ words
...and control over the debtor, insiders can presumably cause debtors to prefer particular...accountant of the debtor or other evidence...to prove that the debtor was not insolvent...altogether (solvent debtors cannot make preferential...
- Kaneb Pipe Line Partners Announces Quarterly Cash Distribution and End of...
- Press release article from: PR Newswire July 9, 1998 700+ words
...payment of this quarter's cash distribution will end the preference period that began when the Partnership was formed in 1989. All...Preference Units and Common Units will disappear when the preference period ends and all limited partner units will automatically become...
- HUNTWAY PARTNERS L.P. ANNOUNCES EXPIRATION OF PREFERENCE PERIOD
- Press release article from: PR Newswire December 30, 1993 700+ words
...Calif., Dec. 30 /PRNewswire/ -- Huntway Partners L.P. (NYSE: HWY) ("Huntway") announced today that the preference period for its Preference Units will terminate on Dec. 31, 1993 (midnight) pursuant to Huntway's Amended and Restated Agreement...
- Kaneb Pipeline Partners Announces Payment of Quarterly Cash Distribution and...
- Press release article from: PR Newswire August 14, 1998 700+ words
...units that has met or exceeded the quarterly minimum stated in our Partnership Agreement, and thus ends the specified Preference Period. We are pleased that from now on, all unit holders will share equally in the success of Partnership operations." Kaneb...
- Third Circuit Deems Creditor An "Insider" Based On Abuse Of Business...
- News wire article from: Mondaq Business Briefing October 6, 2009 700+ words
...the creditor-debtor relationship...trustees and debtors to delve deeper into creditor-debtor relationships...extending the preference period by establishing...creditor and debtor will give rise...dealings with debtors will likely...
- Is a debtor's credit card payment a preference? The U.S. Tenth Circuit Court of...
- Magazine article from: Business Credit Nathan, Bruce March 1, 2009 700+ words
...sheet definition: the debtor's liabilities exceed its assets. The debtor's insolvency is also...during the 90-day preference period, which makes it easier...within 90 days of the debtor's bankruptcy filing...In re Marshall The Debtors, Brian and Julie Marshall...