There’s a new study out titled “Risky Business: Financial Firms Face Wave of Fraudulent Transfer Claims“ by Navigant Consulting and The Economist Intelligence Unit.
The gist of it is that debtors, trustees and creditors committees are increasingly pursuing “fraudulent transfer” (aka “fraudulent conveyance“) claims (i.e., attempts to recover improper payments) in the wake of the financial crisis. The implication is that hard times mean the asset pie has gotten smaller in bankruptcy cases, and therefore the rise in fraudulent transfer claims stems from more aggressive efforts by debtors, trustees and creditor committees to recover cash for the estate in bankruptcy cases.
What does an increase in fraudulent transfer claims mean for New Yorkers and New York business owners? It means if you’ve done business with the debtor in the past six years in New York, it’s more likely that you could be the recipient of one of these lovely lawsuits as there is increased pressure on debtor estates to find ways to recover cash for the estate.
If you’re the subject of a fraudulent transfer (aka fraudulent conveyance) action in New York or a preference action in New York, please contact me for a free consultation.
As a New York bankruptcy lawyer who has experience on both sides of New York fraudulent transfer lawsuits-–-the trustee side as well as the creditor site––I know the lay of the land, and I can answer your questions and help you figure out the best strategy for your situation.
Contact Bruce Weiner, Esq.
EMAIL Bruce Weiner
Phone
(718) 855-6840 (Local)
(866) 402-8476 (Toll Free)
Fax (718) 625-1966
Go to bankruptcy Lawyer Brooklyn NY to learn more about Rosenberg Musso & Weiner LLP and/or to set up a free consultation.
