{"id":916,"date":"2010-09-13T09:43:35","date_gmt":"2010-09-13T13:43:35","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=916"},"modified":"2018-11-21T13:55:02","modified_gmt":"2018-11-21T13:55:02","slug":"why-is-there-a-wave-of-preference-actions-right-now","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/why-is-there-a-wave-of-preference-actions-right-now\/","title":{"rendered":"Why is there a wave of preference actions right now?"},"content":{"rendered":"

Have you been on the receiving end of a preference action<\/a> this past year?\u00a0 More than one?\u00a0 You’re not alone.<\/strong><\/p>\n

According to CFO.com<\/strong><\/a>, “Bankruptcy trustees are aggressively seeking to reclaim payments made by insolvent firms to vendors and other unsecured creditors.”\u00a0 The article notes that though the number of large corporate bankruptcy filings has dwindled in 2010, the rise in corporate bankruptcies over the last few years has led to a new wave of preference actions.<\/p>\n

Why the delayed reaction?<\/strong> Because there’s a 2-year statute of limitations on preference actions.\u00a0 So cases filed in the last two years are starting to mail out their preference actions now.\u00a0 Case in point:\u00a0 The Quebecor World company just filed 1,700 preference actions according to the article.\u00a0 And General Motors is looming in the distance.<\/p>\n

Who tends to get hurt the most by preference actions?<\/strong> Small businesses that aren’t as experienced in fighting preference actions.<\/p>\n

What’s the best defense against preference actions?<\/strong> There are several legal defenses (e.g., “Ordinary Course of Business” and “New Value”).\u00a0 But practically speaking, the best defense is to be consistent with your customers and keep them on a regular payment schedule.\u00a0 This makes it easier to defend any preference actions filed against you.<\/p>\n

What should I do if I receive a preference action?<\/strong> Contact an experienced bankruptcy lawyer.<\/p>\n

As a New York bankruptcy lawyer who has extensive experience working on both the defense side as well as the trustee side of New York preference actions, <\/strong>I know the lay of the land, I can answer your questions and help you figure out the best and most cost-effective strategy for defending yourself.<\/p>\n

Contact Bruce Weiner, Esq.<\/a><\/h2>\n

EMAIL Bruce Weiner<\/a><\/strong>
\nPhone<\/strong>
\n(718) 855-6840 (Local)
\n(866) 402-8476 (Toll Free)
\nFax<\/strong> (718) 625-1966<\/p>\n

Go to bankruptcy Attorney Brooklyn NY<\/a>\u00a0<\/strong><\/em>t<\/em>o learn more about Rosenberg Musso & Weiner LLP<\/strong><\/a> and\/or to set up a free consultation.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Have you been on the receiving end of a preference action this past year?\u00a0 More than one?\u00a0 You’re not alone. According to CFO.com, “Bankruptcy trustees are aggressively seeking to reclaim payments made by insolvent firms to vendors and other unsecured creditors.”\u00a0 The article notes that though the number of large corporate bankruptcy filings has dwindled …<\/p>\n

Why is there a wave of preference actions right now?<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[58],"tags":[],"acf":[],"yoast_head":"\nWhy is there a wave of preference actions right now?<\/title>\n<meta name=\"description\" content=\"Have you been on the receiving end of a preference action this past year?\u00a0 More than one?\u00a0 You're not alone. 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