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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.
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