What are insider creditors?
Family members are considered “insider creditors,” which the Bankruptcy Code defines as relatives, general partners, partnerships in which the debtor is a general partner, director, officer, person in control, affiliate, and insiders of affiliates of the debtor.
What is an insider preference?
Legal Definition of insider preference : a transfer of property by a debtor in bankruptcy to an insider made more than ninety days prior to but within one year of the bankruptcy petition.
What is an insider claim?
Insider Claim means any Unsecured Claim (other than a Senior Secured Claim) of an insider (as defined in section 101 of the Bankruptcy Code) or Affiliate of any Debtor other than a Claim of any employee or former employee of any Debtor.
What is a creditor under the Bankruptcy Code?
“Creditor” is an entity that has a claim against the debtor that arose at the time of or before the order for relief concerning the debtor. § 101(10). 2. The Scope of Bankruptcy Claim Definition.
How far back in time can the trustee look to recover a preferential payment?
The look-back period, or time that the trustee can go back to unwind these transfers, is ninety days for general creditors and one year for insiders.
What is the new value defense?
Simply stated, the “new value” defense provides that, to the extent a creditor gives “new value” (usually in the form of additional goods or services provided on credit) to the debtor after receiving preferential payments, the creditor is entitled to reduce its preference exposure by offsetting the new value against …
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What questions will the trustee ask in the 341 meeting?
341 Meeting Questions the Bankruptcy Trustee Might Ask
- Do you own or have any interest whatsoever in any real estate?
- Have you made any transfers of any property or given any property away within the last one-year period (or such longer period as applicable under state law)?
- Does anyone hold property belonging to you?
Does new value have to remain unpaid?
In In re Proliance International, Inc., et al., Judge Sontchi of the United States Bankruptcy Court for the District of Delaware held that a preference defendant’s preference exposure is reduced upon application of paid and unpaid subsequent new value.
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