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The New-Value Defense, Section 503(b)(9) Debate Continues

Law360, New York (September 26, 2014, 1:50 PM EDT) -- The 2005 amendments to the Bankruptcy Code ushered in Section 503(b)(9) of the Bankruptcy Code, which grants trade creditors an administrative expense for goods sold to the debtor in the ordinary course of the debtor's business and that the debtor received within 20 days prior to the commencement date. Trade creditors also may face preference litigation for payments they received prior to the petition date, but may be able to reduce or eliminate their preference exposure by asserting a "new-value" defense under Section 547(c)(4) of the Bankruptcy Code (one of the more frequently raised defenses to preference liability)....

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