- 11 U.S.C.
Bachrach Clothing Inc. v. Bachrach (In re Bachrach Clothing Inc.)
Oct
10
2012
Ruling
Fraudulent transfer proceeding against debtor's former directors failed absent evidence that transferors had notice that sales of stock would injure debtor.
Procedural posture
Debtor sued its former directors and a related entity for violations of federal bankruptcy and Illinois fraudulent conveyance laws including 11 U.S.C.S. § 548 and 740 ILCS 160/5 and 740 ILCS 160/6 and also claimed breaches of fiduciary duties in connection with defendants' sale of debtor to a private investment firm (Buyer). They also sought to invalidate the sale as fraudulent and to recover the consideration paid.
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Court
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