By Andrew R. Schwartz | Published August 22, 2023 | Posted in Collections | Tagged Tags: fraudulent transfer action, insider preference claim, UFTA | Comments Off on Recognizing and Setting Aside Preferential Fraudulent Transfers to Insiders
A fraudulent transfer or conveyance occurs when a debtor voluntarily depletes or dissipates their own assets to the point that they cannot fully repay the claims of creditors. A preferential fraudulent transfer involves a payment or transfer of money or property to certain creditors when the debtor was already insolvent. The Uniform Fraudulent Transfer Act Read More
Read MoreWhether you’ve won a legal case, performed professional services or leased commercial property to a tenant, collecting the payment often proves to be the toughest part of the task.
Read MoreOn November 5, 2014, the Illinois Appellate Court, First District, preliminarily released its opinion in Wells Fargo Bank Minnesota, NA v. Envirobusiness, Inc., 2014 IL App (1st) 133575, which provides important guidance on several aspects of collection law under §2-1402 of Illinois’ Code of Civil Procedure (“Code”).
Read MoreHow can I collect on a judgment? Illinois law has several methods to help creditors collect on their judgments. The primary collection methods are citation proceedings, garnishments and judgment liens.
Read MoreMuch of our practice focuses on helping out-of-state judgment creditors collect debts from debtors with assets in and around the Chicago metropolitan area. This blog post addresses a number of FAQs that we get from time to time.
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