Free Newsletter
Bankruptcy – Preference Action; Liquidation Sale; Consulting Fees
admin//December 6, 2012//
Listen to this articleWhere a trustee brought a preference action to recover a payoff payment to a bank from the proceeds of the debtor’s liquidation sale, the bankruptcy court did not err in holding that Section 547(c)(5) did not apply and that liquidation as part of the cessation of the debtor’s business was not “ordinary course” and the bank’s new value defense was properly rejected, so judgment for the trustee is affirmed, but the part of the judgment giving the bank credit for consulting fees is reversed. Judgment affirmed in part; reversed in part.
12-6033/12-6035 Velde v. Border State Bank, appealed from U.S. Bankruptcy Court, District of Minnesota, Federman, B.J.
Related Content
Top News
- Trump’s $100,000 H-1B visa fee is unlawful, judge rules
- Court of Appeals bars gun permit after felony plea
- Court of Appeals: Faribault data center review inadequate
- Milwaukee County gets outside attorneys to keep 180,000 absentee ballots secret
- Was ‘Egg Juror’ unfairly dismissed? Judge to unseal Murdaugh records
- U.S. Supreme Court poised to rule on gun laws and transgender athletes
- Perspectives: Two new cases here recall Miranda at 60
Expert Testimony
- Perspectives: Two new cases here recall Miranda at 60
- Perspectives: Election litigation starting early in Minnesota
- Quandaries & Quagmires: ‘Dear Ethics Lawyer’ — A Resource for Ethics Training
- Best at Work Insights: AI alone can’t improve your company
