Recent Developments In Bankruptcy Law Update
1. AUTOMATIC STAY
1.1 Covered Activities
1.2 Effect of Stay
1.3 Remedies
2. AVOIDING POWERS
2.1 Fraudulent Transfers
2.1.a Imposition and payment of a tax penalty is not a fraudulent transfer. While insolvent, the debtor incurred and paid tax penalties before bankruptcy. A transfer of property of the debtor while the debtor was insolvent for less than reasonably equivalent value is avoidable as a constructively fraudulent transfer. By referring to an exchange for value and defining when a transfer is made as […]