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Defending a preference claim under the solvency defense: what the vendor must prove.(Credit Column)
Your customer files Chapter 11. Two years later, you receive a demand letter from the litigation trustee demanding return of payments within the 90 days of the customer's filing. You consider the common preference defenses--contemporaneous exchange, ordinary course of business and new value. You review the debtor's most recently audited financial statements which covered a portion of the preference period. The public financial statements show that the debtor was apparently solvent during this period. You consider the preference defense of solvency, which provides that if the debtor was solvent at the time of the preferential transfer, the vendor may have an absolute ...
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Source: HighBeam Research, Defending a preference claim under the solvency defense: what the...