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Sometimes You Want To Be Ordinary: Restructuring Payment of Past Due Accounts to Avoid Bankruptcy Preference Liability

Sometimes You Want To Be Ordinary: Restructuring Payment of Past Due Accounts to Avoid Bankruptcy Preference Liability

Because bankruptcy filings were up over the past several years, debtors and trustees in those cases are now at the point of filing preference lawsuits in bankruptcy courts across the country.  Relying on Section 547(b) of the Bankruptcy Code, plaintiffs in these lawsuits seek the return of funds received from ... Read More »

Management responsibility prior to the bankruptcy particularly with regard to the financial resources

Management responsibility prior to the bankruptcy particularly with regard to the financial resources

A natural consequence of the financial crisis is an increased focus on companies’ sustainability with regard to continued operations and thus the management’s responsibility to ensure that the company’s financial resources are sufficient and justifiable at all times. 1. Management’s responsibility It may be very difficult to distinguish between justifiable ... Read More »

Amendments to the Insolvency law of Latvia

Amendments to the Insolvency law of Latvia

On 15th of October 2014 the parliament of the Republic of Latvia adopted the law “Amendments to the Insolvency law”, which is going to come into force on the 1st of January 2015. In accordance with these amendments, reforms to a natural person’s insolvency process regulation are intended by significantly ... Read More »

Insolvency rules in Germany – general liability of the managing director and constant challenges by the insolvency administrator?

Insolvency rules in Germany – general liability of the managing director and constant challenges by the insolvency administrator?

I’d like to start this article by answering the question raised in the title. Under German law, the managing director of a GmbH (limited company) has no general liability in the event of insolvency. Nor is it the case that all administrators in all insolvencies exercise the right to challenge Read More »

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