Next, filing for voluntary bankruptcy relief after engaging in fraudulent transfers was probably the dumbest thing the Debtor could have done.
Adkisson details more than forty cases from District, Appelate and Circuit courts across the country that raise important questions in the areas of fraudulent transfers, bankruptcy fraud, executor interests, pre-bankruptcy planning, trusts, and business entities, among others issues.
FORBES: Fradulent Transfers and Estate Planning: Recent Cases, Important Caveats
The Adversary Action alleged fraudulent transfers under both Bankruptcy Code section 548 and the Colorado Uniform Transfer Act.
The Trustee also alleges, under bankruptcy and debtor and creditor theories, fraudulent transfers, and turnover and accounting.
There is another important, and probably more practical, aspect to this case which is the slipshod manner by which the Bankruptcy Trustee attempted to prove up his fraudulent transfer case.
Some of my previous articles have pointed out that another significant downside of being caught in a fraudulent transfer is that a bankruptcy court can (and often do) use that to deny a debtor a discharge.
These cases also serve to remind all of us of the importance of using knowledgeable professionals in the estate planning and bankruptcy process to avoid the disastrous results that potentially accompany fraudulent transfers.
FORBES: Fradulent Transfers and Estate Planning: Recent Cases, Important Caveats
The battered witness has made the connection between Lay's passive management, Skilling's unceasing efforts to make the numbers, and the systematic, fraudulent acts that contributed to the second-largest bankruptcy in U.S. history.
Despite a sovereign immunity defense from the IRS, the Bankruptcy Court held that the debtor corporation could recover the extra funds on fraudulent transfer grounds.
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