Pre-petition payments under a later-assumed contract cannot be avoided as preferences. A new Iowa decision shows how this defense can defeat a trustee’s claim on a motion to dismiss.
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When a debtor’s business is sold or refinanced one of the first questions is “who is on the other side of the deal”? The answer is frequently associated with the Debtor, with significant consequences for the scrutiny applied to the deal.
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In People of the State of Illinois ex rel. Illinois Department of Labor v. Quality Therapy & Consultation, Inc., 2026 IL App (1st) 241953-U (March 17, 2026), the Illinois Appellate Court, First District, affirmed a circuit court ruling that the i…
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Legal Aid Chicago’s nomination of Elizabeth describes her significant contributions to the Help Desk at the Chicago Bankruptcy Court, noting that “Liz has been an active volunteer since January of 2019. Liz has truly shown her dedication to the B…
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Like other national retailers, Pier 1 Imports filed for bankruptcy in March, hoping to sell its assets and to liquidate under-performing locations. Then the Covid19 Pandemic hit the U.S. with its full force, causing mandatory stay at home orders in a…
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The following guidance has been posted by the United States Trustee in respect to the treatment of the IR rebate checks. The federal government will soon begin issuing recovery rebates to qualified individuals under the Coronavirus Aid, Relief, and E…
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Gov. J.B. Pritzker’s office has issued an executive order temporarily suspending the service of garnishment summonses, wage deduction summonses, and citations to discover assets on consumer debtors and consumer garnishees for the duration of the Gu…
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An article in the New York Times today reported that funding for the Paycheck Protection Program could be exhausted within the next day or two. “As of Wednesday evening, more than 1.4 million loans had been approved at a value of more than $315…
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The SBA reported on 4/13 that approximately 65% of the $350 Billion allocated to the Payroll Protection Program (there is talk of an additional $250 Billion in funding) was already committed. Similarly, Crain’s reported on 4/13, that locally CI…
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The SBA has provided the following answers to frequently asked questions about the Paycheck Protection Program (“PPP”). The full guidance is available at https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Ask…
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