§ 548(a)

Chow v. Prince (In re Prince)

Chapter 7 trustee moved for partial summary judgment in the trustee's adversary proceeding against defendants, a trust and a company, seeking to avoid and recover allegedly fraudulent transfers of real property, among other things, pursuant to 11 U.S.C.S. § 548 and the Texas Uniform Fraudulent Transfer Act. The trustee also sought turnover pursuant to 11 U.S.C.S. 542 of the rents from the property and certain insurance proceeds.
Ruling: 
Transfer to trust for no consideration while debtors were insolvent avoided as fraudulent.
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Consumer case opionion summary, case decided on March 30,2012, LexisNexis #0512-058

8699 Biscayne LLC v. Indigo Real Estate LLC (In re 8699 Biscayne LLC)

Adversary plaintiff debtor in possession brought a claim against defendant creditors, alleging fraudulent transfers in violation of 11 U.S.C.S. § 548(a) and Fla. Stat. Ann. § 726.105(1)(b). The creditors moved for summary judgment on that cause of action. Various creditors had loaned the debtor $4,247,150 to be secured by the debtor's real property.
Ruling: 
Fraudulent transfer claim failed where debtor received reasonably equivalent value.
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Commercial case opionion summary, case decided on March 22,2012, LexisNexis #0412-090

Rosen v. Coggins & Harman P.A. (In re Rood)

Chapter 7 trustee sued defendant law firm to recover pursuant to 11 U.S.C.S. § 548(a) funds paid to the firm by certain debtors for rent and legal fees for which the trustee argued that the debtors received no reasonably equivalent value, and to avoid a fraudulent conveyance occurring during the three-year period before filing under the Maryland Uniform Fraudulent Conveyances Act (Act), Md. Code Ann., Com. Law § 15-201 et seq. (2003).
Ruling: 
Alleged fraudulent transfers prior to two-year reach-back period could not be avoided.
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Consumer case opionion summary, case decided on February 28,2012, LexisNexis #0312-090

In re Goines

In a chapter 13 case, the parties disputed whether it was the responsibility of the chapter 13 trustee, the debtors, or special counsel to file an application to retain special counsel under 11 U.S.C.S. § 327(e) to prosecute a state-law cause of action in which the debtors were in possession of the claim.
Ruling: 
Responsibility of filing application to retain special counsel belonged to debtor.
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Consumer case opionion summary, case decided on February 08,2012, LexisNexis #0312-036

Combs-Skinner v. Gorman (In re Premier Data Solutions Inc.)

The bankruptcy trustee for a corporate debtor filed an amended adversary complaint against defendant to recover transfers. At issue was whether plaintiff had proven all of the elements of a constructively fraudulent transfer under 11 U.S.C.S. § 548(a)(1)(B).
Ruling: 
Payments by debtor to former spouse while insolvent were constructively fraudulent transfers.
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Commercial case opionion summary, case decided on February 07,2012, LexisNexis #0312-053

Pryor v. Tiffen (In re TC Liquidation LLC)

Debtor LLC, an "S" corporation, declared chapter 11 bankruptcy in February 2003 and remained in chapter 11 bankruptcy until June of 2004, when the case was converted to one under chapter 7. A trustee who was appointed to administer the debtor's chapter 7 bankruptcy estate learned that individuals who purchased a company from their parents borrowed money so they could acquire the company and other businesses and received salary increases and dividend payments from the debtor which allowed them to repay the loans and to pay taxes they owed on profits the debtor made, and he filed adversary proceedings against those individuals, seeking a determination that he could recover those payments. The court found that the trustee was entitled under 11 U.S.C.S. § 548(a)(1)(A) to recover payments defendants received so they could pay taxes they owed on profits the company made, but was not entitled to recover money defendants received as salary increases or dividends which they use to repay debts they owed to their parents and other lenders. The debtor did not derive any value from dividends it paid defendants so they could pay their taxes.
Ruling: 
Trustee entitled to avoid payments made by debtor LLC to individuals to pay taxes owed on debtor's profits.
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Commercial case opionion summary, case decided on December 06,2011, LexisNexis #0212-105

Newton v. Sims (In re Sims)

Chapter 7 trustee filed an adversary proceeding against defendants, a debtor's son and daughter-in-law, seeking a determination that he could avoid a transfer the debtor made to her son seven months before she declared bankruptcy, pursuant to 11 U.S.C.S. § 548(a). The parties filed cross-motions for summary judgment.
Ruling: 
Transfer for less in value than debtor paid that made debtor insolvent avoided as constructively fraudulent.
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Consumer case opionion summary, case decided on November 30,2011, LexisNexis #0112-025

Barber v. Grube (In re Grube)

A debtor's chapter 7 bankruptcy trustee sued defendant, the debtor's wife, to avoid five prepetition transfers as fraudulent transfers under 11 U.S.C.S. § 548(a)(1)(B). The trustee moved for summary judgment.
Ruling: 
Transfer of funds to non-debtor spouse to be held as earmarked for undetermined joint tax liability was avoidable as fraudulent.
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Consumer case opionion summary, case decided on October 06,2011, LexisNexis #1111-053

Industrial Enters. Of Am. v. Tabor Acad. (In re Pitt Penn Holding Co.)

Defendant school filed a motion to dismiss plaintiff debtor's complaint against it, alleging (1) fraudulent transfers under 11 U.S.C.S. § 548, (2) unjust enrichment, (3) fraudulent conveyances under 11 U.S.C.S. § 544, and (4) recovery of fraudulent transfers under 11 U.S.C.S. § 550.
Ruling: 
Transfers of stock to school by debtor's executives without consideration while debtor was insolvent could be recovered as fraudulent.
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Commercial case opionion summary, case decided on September 16,2011, LexisNexis #1011-122

Farmer v. Racsko (In re Racsko)

Adversary plaintiff, the chapter 7 trustee, brought an action against defendant debtor, averring that the debtor fraudulently transferred funds in the amount of $79,973.27 to a trust of which she was trustee, and seeking to avoid and recover the transfer pursuant to 11 U.S.C.S. §§ 548(a), 544(b)(1), and 550(a), and in conjunction with Tenn. Code Ann. § 66-3-305 (2004).
Ruling: 
Transfer to debtor's former spouse for less than equivalent value was constructively fraudulent and avoidable.
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Consumer case opionion summary, case decided on September 14,2011, LexisNexis #1011-123

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