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The ordinary course of business defense to a preference claim: The case of the excruciatingly late payment. (Business Law).(Laclede Steel Co.)
Introduction
Credit grantors dread receiving a demand letter from a bankruptcy trustee or Chapter 11 debtor-in-possession for the repayment of a preference. To add insult to injury, credit grantors must usually deal with a demand to pay back the hard gotten gains of a vigorous and possibly time-consuming collection effort after having previously written off substantial amounts due from an insolvent customer.
But creditors should not fret--there are multiple defenses that may be available to minimize and possibly eliminate exposure on a preference claim. One of the most frequently litigated defenses to a preference claim is the ordinary course of business ...
- Yes, new value can be repaid and applied to all prior preferences: the...
- Magazine article from: Business Credit Nathan, Bruce S. June 1, 2003 700+ words
...defenses to a preference claim is the new...trustee or debtor-in-possession...Elements of a Preference Claim A bankruptcy trustee or debtor-in-possession...benefit of the debtor subsequent...reduces the preference claim dollar for...
- The ordinary course of business defense to a preference claim: ordinary...
- Magazine article from: Business Credit Nathan, Bruce S. November 1, 2002 700+ words
...The Elements of a Preference Claim A bankruptcy trustee or debtor-in-possession...received more from the debtor than the creditor...liquidation of the debtor. Bottom line...Business Defense to a Preference Claim A creditor subject...
- Pleading the preference claim: is it getting easier for the bankruptcy...
- Magazine article from: Business Credit Blakeley, Scott June 1, 2004 700+ words
...increase, debtors and trustees...setting forth a preference claim, especially...records of the debtor? Must a...requirement on a preference claim, and expressly...vests the debtor (or trustee...Second, debtors are deterred...distribution of the debtor's ...
- Defending a preference claim under the solvency defense: what the vendor must...
- Magazine article from: Business Credit Blakeley, Scott July 1, 2003 700+ words
...business and new value. You review the debtor's most recently audited financial statements...public financial statements show that the debtor was apparently solvent during this period...solvency, which provides that if the debtor was solvent at the time of the preferential...
- A preference dynamic duo: state law lien rights defeat preference claim while...
- Magazine article from: Business Credit Nathan, Bruce September 1, 2007 700+ words
...state law possessory artisans' lien in the debtor's goods was not subject to preference exposure. The debtor, Erie Power, could not satisfy Bankruptcy...preference than it would have realized in the debtor's Chapter 7 liquidation because of the...
- 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
...over whether a debtor's payment...interest of the debtor in property...give rise to a preference claim. The United...ruled that the debtors' credit card...transfer of the debtors' property interest...transfers of the debtor's interest...Elements of a Preference ...
- DIP Trade Credit Claims vs. the Preference Monster: DIP Trade Credit Claim...
- Magazine article from: Business Credit Nathan, Bruce September 1, 2001 700+ words
...court directed the debtor to pay the creditor...and held that the debtor could not raise the existence of a preference claim as a defense to...to a chapter 11 debtor is granted an administrative...Most chapter 11 debtors' businesses fail...
- Is a debtor's credit card payment a preference?(credit column)(MBNA America...
- Magazine article from: Business Credit Nathan, Bruce May 1, 2008 700+ words
...of an interest of the debtor in property that is...contrary ruling that the debtors' credit card payment is not a transfer of the debtors' property and, therefore...trade could assert a debtor's credit card payment...exposure. Elements of a Preference Claim Section 547(b) of...
Source: HighBeam Research, The ordinary course of business defense to a preference claim: The...