The policies implemented to address the COVID-19 will have far reaching economic consequences. While federal and state governments are doing what they can to ease the short term impact, the fact remains that businesses of all sizes are addressing crises caused by a lack of consumption and a disruption of most all of the other factors that keep an economy afloat.

Congress passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act), providing a two trillion dollar economic stimulus for U.S. industries and citizens affected by the COVID-19 coronavirus. The legislation is expected to be signed into law shortly. Included in this legislation are provisions to provide financially distressed consumers and small businesses greater access to bankruptcy relief.

New legislation ratifies a receiver’s right to sell property free and clear of liens.

On January 1, 2016, Kentucky joined a growing movement among states across the country to revise fraudulent transfer statutes. Kentucky accomplished this by repealing its statutes on fraudulent transfers and preferential transfers (KRS 378.010 et seq.), and replacing them with the Uniform Voidable Transactions Act (“UVTA”) (KRS 378A.005 et seq.). The UVTA was designed to replace the Uniform Fraudulent Transfer Act (“UFTA”) that was previously adopted by 43 other states (which did not include Kentucky).