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Fraudulent Transfer
Continental Casualty Company v. Symons, et al. 7th Circuit Court of Appeals Citation: 14-2665, 14-2671 & 15-106 Decided: March 22, 2016 This fraudulent transfer case pits 2 insurance company’s – as well as the controlling family of the seller and their related businesses – against one another. despite some fancy footwork on the part of...
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In this case the value of unexpired commercial leases was put to the test. When a popular auto-repair/oil-change franchise went into Chapter 11, its unsecured creditors sought to recoup of the value of 2 unexpired leases it relinquished just before filing. The 7th Circuit analyzed the issue under 2 provisions of the Bankruptcy Code and...
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The “good faith” defense articulated in 11 U.S.C. 550(b)(1) applies as long as the transferee: (1) is an immediate or mediate transferee under §550(a)(2); (2) took the transfers for value; (3) took the transfers “in good faith;” and (4) took the transfers “without knowledge of the voidability of the transfer avoided.”
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Lopsided divorce settlement shortly before a husband’s bankruptcy filing did not amount to a “fraudulent transfer” of assets: ex-wife keeps it all! Bankruptcy: In re Kimmell, 10 B 36039 Adversary: Trustee v. Kimmell, 10 A 2174 Opinion: Oct. 12, J. Barbosa (ND IL WD) Read the opinion here
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Fraud on the Court is defined as that kind of fraud that could not be discovered even with diligent inquiry, such as when an Attorney commits perjury or forgery, falsifies documents, tampers with a jury, or bribes a judge.
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