The Seventh Circuit held, on Sept. 2, 2011, that a minority member of a limited liability company (LLC) was a “statutory insider” for purposes of bankruptcy preference liability. In re Longview Aluminum Company, LLC, 657 F.3d 507, 510 (7th Cir. 2011).
Update on Bankruptcy Preference Insider Liability
The Seventh Circuit recently held that a minority member of a limited liability company (LLC) was a "statutory insider" for purposes of bankruptcy preference liability. Here's a look at the case.
By
Michael L. Cook
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