Proceeds from fraudulently transferred property can be recovered from subsequent transferees, Judge Rodriguez says, differing with the Tenth Circuit’s Generation Resources opinion.

Bankruptcy Code

502

547

1102

Topics

Business Reorganization

International Insolvency

Second Circuit Upholds the Madoff Trustee’s Calculation of Fraudulent Transfer Claims

Fictitious profits in account statements don’t represent ‘value’ and give rise to a defense for receipt of a fraudulent transfer with ‘actual intent,’ the Second Circuit rules.

Fraudulent Transfer Law Doesn’t Victimize Innocent Parties, Judge Wiles Says

Ownership of a bank account isn’t enough by itself to make the account holder the initial transferee of a fraudulent transfer.

‘No Harm, No Foul’ Doesn’t Entitle a Debtor to a Discharge, BAP Says

Advice-of-counsel defense doesn’t work when intent is clearly fraudulent.

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