Disputed ownership funds liquidating trust

Law360, New York (July 9, 2014, PM EDT) -- Chapter 5 of the Bankruptcy Code governs the avoidance of certain transfers.

This article will discuss preferences, which are a statutory cause of action arising under Section 547 of the Bankruptcy Code.

Preference targets are creditors such as trade creditors who did business on an unsecured basis with a troubled company that ultimately filed for bankruptcy.

The look-back period is generally 90 days from the petition date for noninsider creditors and one year for insiders.

While the preference provisions under the Bankruptcy Code are intended to...

Comments concerning the accuracy of this burden estimate and suggestions for reducing this burden should be sent to the , Attn: Desk Officer for the Department of the Treasury, Office of Information and Regulatory Affairs, Washington, DC 20503. This document contains amendments to 26 CFR part 1 under section 468B of the Internal Revenue Code (Code).

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