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Expert Analysis

SDNY's Avoidance Law Unsettled After Lyondell

Law360, New York (January 19, 2016, 5:09 PM EST) -- A foreign company makes a foreign distribution to foreign shareholders shortly before merging with a U.S. company in a highly leveraged buyout. The resulting company files a Chapter 11 petition in the United States Bankruptcy Court for the Southern District of New York 13 months later. Can the foreign transfer be avoided as a fraudulent conveyance under Section 548 of the Bankruptcy Code? Previously, the answer was almost certainly not (at least in the Southern District of New York). Now, after a decision in In re Lyondell Chemical Co., the answer is — it depends on which judge you ask....

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