By Andrew R. Schwartz | Published June 30, 2019 | Posted in Collections, Creditors | Tagged Tags: commercial property, debt collections, Fraudulent Transfers, judgement liens, professional services, wage garnishment | Comments Off on Understanding Creditors’ Options When Enforcing Judgments
Understanding Creditors’ Options When Enforcing Judgments
Whether 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. Even for undisputed debts, strict laws exist to ensure that creditors use proper legal collection methods. This is particularly true in complex debt collection matters and Read More
Read More
Fraudulent Intent Not Always Necessary to Unwind an Improper Transaction
Creditors may use Illinois’ Uniform Fraudulent Transfer Act (IUFTA) to recover funds improperly shifted by a debtor to a third party. Although “fraud-in-fact” claims require proof that the debtor intended to defraud creditors, creditors may also pursue “fraud-in-law” or “constructive fraud” claims, which do not require evidence of intent. Gecker v. Estate of Flynn provides Read More
Read MoreBusiness Oppression Case Divides Family-Owned Construction Company
A major construction company with Illinois roots has demonstrated that serious “business oppression” conflicts can happen even in family-run businesses. As in many of these situations, allegations of fiduciary breaches and oppression of minority shareholders have triggered litigation and driven apart individuals who once enjoyed a close relationship. Payne & Dolan is a Wisconsin-based business Read More
Read MoreChicago Police and Fire Pension Trustees Seek to Intercept Funds
For years, local governments in Illinois have had trouble balancing their budgets. Several struggling local governments have either failed to make public pension fund contributions, or paid far less than what they owe. The shortfall creates financial problems for the police and firefighter pension funds, and may threaten the livelihoods of retirees. Until recently, police Read More
Read MoreEmploying the Confession of Judgment in Illinois
Confession-of-judgment clauses let creditors circumvent the normal judicial process and obtain a judgment. Promissory notes, guaranties and other contracts may include them. By signing a contract containing such a clause, a debtor agrees to the judgment amount and forfeits his or her right to dispute the claim, without a trial or notice. The creditor can Read More
Read More
Mr. Schwartz and Mr. Kanyock IICLE chapter on fraudulent transfer litigation
Litigating the Suit to Set Aside a Fraudulent Transfer Mr. Schwartz and Mr. Kanyock IICLE chapter on fraudulent transfer litigation
Read MoreWhen Should I Use an Out-of-Jurisdiction Lawyer?
Federalism presents numerous positive aspects. But if you’re an attorney who must reach across state lines to resolve a case, our federal system does not exactly roll out the welcome mat. If you’re not licensed to practice law in another state, you can seek temporary admission, i.e. pro hac vice, but the requirements are often Read More
Read MoreHow Attorneys Collect Court Judgments Across State Lines
After fighting for years to win a judgment, many attorneys find themselves facing a second — and equally difficult — fight to collect the judgment. That difficulty increases when the judgment issues in one state, say California, but the defendant’s major assets reside in another state, such as Illinois. Here are the basic steps the Read More
Read MoreUnwinding Fraudulent “Estate Planning” Transfers
The lack of reasonably equivalent value in return for the transfer of an asset common indicates that a fraudulent transfer has occurred. However, estate planning commonly involves transfers of significant assets to trusts or to loved ones without reciving any value in return, other than the transferor’s satisfaction from sharing his/her life’s wealth with loved Read More
Read MoreFreeze-Out Tactics: The Reverse Stock Split
Freeze-Out Tactics: The Reverse Stock Split Majority shareholders use various time-tested methods to freeze out minority shareholders. One such these tactic is the reverse stock split. It works like this: The Board of Directors, acting within the company bylaws, votes to issue single shares of stock to replace some multiple outstanding shares, such as one-for-five Read More
Read More- Appeals (1)
- Business Law (6)
- Business Oppression (1)
- Collections (5)
- Commercial Litgation (9)
- Complex Litigation (1)
- Condo Law (1)
- Confession Judgment (2)
- Contract Law (2)
- Corporate Litigation (2)
- COVID-19 (1)
- Creditors (3)
- Debtor & Creditor (1)
- E-Discovery (1)
- Equitable Remedies (3)
- Estate Planning (1)
- Guaranties (1)
- Injunctions (1)
- Legal Processes (4)
- Public Pensions (1)
- Trade Secrets (1)
- Uncategorized (11)
