Avoidance Actions Are Estate Property that May Be Sold, the Fifth Circuit Says
The Fifth Circuit answered one of the two questions being posed at this year’s Duberstein Moot Court Competition.
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Session Description
Session will identify options to bankruptcy for struggling companies and explain why certain alternatives should be considered and in certain instances utilized.
Suggested Categories
Learning Outcomes
Many bankruptcy practioners are not familiar with non-bankruptcy options such as ABCs and UCC sales which in many instances are far superior to the bankruptcy option.
This session will educate the practitioner so that that individual can provide proper advice and representation for the struggling business client.
This session will educate the practitioner so that that individual can provide proper advice and representation for the struggling business client.
Target Audience
Business
Bryan
Davidoff
bdavidoff@ggirm.com
First Name
Randy
Last Name
Nussbaum
Email
randy.nussbaum@sackstierney.com
Firm
Sacks Tierney Scottsdale
Session Description
I'm on the Uniform Law Commission's Drafting Committee for a uniform law on assignments for benefit of creditors. I'll discuss the uniform law process and provide information on assignment for benefit of creditors issues, how those issues relate to bankruptcy, and the potential for a uniform law thereon.
Suggested Categories
Learning Outcomes
Under the laws of most states, assignment for benefit of creditors ("ABC") is an unutilized, or under-utilized, tool. That's because most states either, (i) have no ABC statute, or (ii) have ABC statutes with poison-pill provisions that no one wants to use. I'll discuss how a uniform law will make the ABC tool available and usable and its connection with bankruptcy.
Target Audience
Business
Donald
Swanson
don.swanson@koleyjessen.com
First Name
Donald
Last Name
Swanson
Email
don.swanson@koleyjessen.com
Firm
Koley Jessen P.C., L.L.O.
Eighth Circuit Definitively Holds: Avoidance Actions Are Estate Property and Can Be Sold
Now a circuit judge, a former bankruptcy judge makes quick work of a troublesome issue about property of the estate.
Timing Considerations for Commencing State Law Avoidance Actions in New York State
Currently in New York State, creditors’ ability to avoid fraudulent transfers is governed by one of two different statutory schemes, depending on when the transfer occurred. Although New York State adopted the Uniform Voidable Transactions Act in 2019, New York’s predecessor fraudulent transfer statute, the Uniform Fraudulent Conveyance Act, still governs those transfers that occurred prior to April 4, 2020. These two statutory schemes each have different limitations on time to commence an action.