Non-Statutory Insider Status: Closeness Not Enough

Law360, New York (October 22, 2008, 12:00 AM EDT) -- Under the Bankruptcy Code, certain transfers or payments made to a creditor by a debtor prior to its bankruptcy may be avoided.

In general, a transfer may be avoided as a preference if (i) the transfer was made to or for the benefit of a creditor, on account of antecedent debt, while the debtor was insolvent, within 90 days of the bankruptcy filing; and (ii) the transfer enabled the creditor to receive more than it would have received in a liquidation under Chapter 7 had the...
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