By Andrew R. Schwartz | Published July 20, 2024 | Posted in Condominium litigation | Tagged Tags: condominium association, disputes, financial, home ownership | Comments Off on Resolving Disputes in Illinois Condominiums
Sharing walls and amenities with neighbors in a condominium complex can be a great way to control expenses while enjoying the benefits of home ownership. However, disagreements may arise between unit owners and the condominium association board. Illinois law provides a framework for resolving these disputes and maintaining a harmonious living environment. Most frequently, disputes Read More
Read MoreCommerce depends on agreements forged with a shared understanding of rights and responsibilities. But even the best-laid plans can go awry. Disagreements often arise and sometimes become legal disputes. Commercial litigation, a broad term encompassing disputes between businesses or business and individuals, can prove costly and time-consuming. Here are some of the most common causes Read More
Read MoreImagine a scenario where a debtor, facing mounting financial pressure, strategically transfers assets to avoid paying what is owed. The dissipation of resources to hinder creditors from collecting their debts is known as a fraudulent transfer. The Illinois Uniform Fraudulent Transfer Act (IUFTA) allows creditors to challenge transfers made by debtors with the intent to Read More
Read MoreFor a creditor collecting on an overdue debt, winning a court judgment is only half the battle. The other half is enforcing the judgment. Debtors frequently employ underhanded tactics to avoid paying, which requires the creditor to take countermeasures. Among the methods that Illinois law allows for enforcing a judgment is placing a lien on Read More
Read MorePartners, members or shareholders typically have the same goals at the onset, but over time, differing priorities often become apparent. Some owners jockey for power, making self-interested financial moves or trying to induce other owners to give up their stake in the business. Some owners may accumulate more control and more money, leaving minority owners Read More
Read MoreA 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 MoreTaking a civil judgment is a significant step toward getting paid, but it is not always the final step. The debtor may refuse to pay the amount ordered by the court, forcing the creditor to take collection measures. This can become extremely difficult when the debtor appears to be judgment proof. Judgment proof debtors are Read More
Read MoreDisputes and conflicts often arise in small businesses with multiple owners. From time to time, we see majority owners use their inherent leverage to oppress the powers, rights and/or benefits of a minority owner (one with a non-controlling ownership interest in the business). In the worst case, the majority owners may try to “squeeze out” Read More
Read MoreIndividuals and business organizations may legitimately seek to preserve wealth through various devices and methods known collectively as asset protection strategies. These often involve transferring money or other property into trusts and/or foreign bank accounts — which is perfectly legal so long as the transfer is not “fraudulent” in nature. A fraudulent transfer occurs when Read More
Read MoreIn many businesses, including limited liability companies (LLCs), partnerships, and “S” and “C” corporations, unequal ownership responsibilities and rights often result in significant tension and disputes. The majority owner (usually a person or group controlling voting rights) often directs business operations and makes policy decisions at the expense of the outvoted minority equity interest holder. Read More
Read More