If you are one of the lucky product manufacturers who weathered the recent economic downturn well and are looking to buy assets from those who did not survive…beware!
USA, Insolvency & Restructuring, Product Regulation & Liability, Frost Brown Todd LLP, Bankruptcy, Due process
The United States Court of Appeals for the Sixth Circuit Court recently affirmed a Bankruptcy Appellate Panel that held that a bank which loaned an individual the funds to buy a motor vehicle could not overcome the avoidance of its lien as a preferential transfer after the person filed for bankruptcy. The Court so found because the lien at issue was not perfected under Kentucky law within the time frame necessary to be considered an exception to the avoidance of preferential transfers under the Bankruptcy Code.
USA, Kentucky, Banking, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Federal Reporter, Title 11 of the US Code, Trustee, Supreme Court of the United States, United States bankruptcy court, Kentucky Supreme Court, Sixth Circuit, Bankruptcy Appellate Panel