Defending Against “Avoidance Actions” (Series: COMPLEX FINANCIAL LITIGATION FOR THE NON - EXPERT)
When a party files for bankruptcy (or has a bankruptcy filed against it), transactions it made with third parties are subject to “avoidance,” meaning that they can be undone for the benefit of all creditors. Common avoidance actions include preference lawsuits and fraudulent transfer lawsuits, the latter of which can be brought outside of bankruptcy as well. The reason preference law exists is to help assure that some creditors are not unfairly favored over other creditors. The reason fraudulent transfer law exists is to help prevent a debtor from transferring assets to a third party to avoid having to pay a legitimate creditor. This webinar explains the basics of this litigation, including best practices for anticipating and defending against such claims.
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