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Understanding and Avoiding Preference Liability
In today's challenging economic environment it is a familiar story: After a protracted period of slow pay and then no pay, your customer (or borrower, joint venturer, counter-party, etc.) files a bankruptcy petition, leaving you holding the bag. You spend valuable time and money in an ultimately futile effort to collect. After a frustrating trip through the counter-intuitive, “through the looking glass” world of the modern business bankruptcy case, you finally resign yourself to losing a customer and holding a claim that will be paid, if at all, at pennies-on-the-dollar.
Think that's disappointing? Just wait until insult turns to injury and you find yourself on the receiving end of a letter or a lawsuit demanding repayment of the paltry amount you received from the bankrupt company during the 90 days prior to bankruptcy. As the defendant in a debtor or trustee's action to avoid and recover a preferential transfer (a “preference”), you may be forced to disgorge money to the debtor's bankruptcy estate.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.