By Andrew R. Schwartz | Published May 22, 2023 | Posted in Complex Litigation | Tagged Tags: asset protection strategies, fraudulent transfer litigation, Uniform Fraudulent Transfer Act | Comments Off on When Can Asset Protection Strategies Be Considered Fraudulent Transfers?
When Can Asset Protection Strategies Be Considered Fraudulent Transfers?
Individuals 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
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Setting Aside Fraudulent Transfers to Collect Money You Are Due
When someone who owes you money frustrates your efforts to collect by suddenly becoming cash poor, they may have committed a fraudulent transfer. This occurs when a debtor moves non-exempt assets to another person or entity to shield them from legitimate creditors. Fortunately, a remedy exists. Illinois’ Uniform Fraudulent Transfer Act (IUFTA) lets creditors file Read More
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Fraudulent Transfer Questions Cast Doubt on Oxycontin Settlement
A tentative settlement involving Purdue Pharma, the maker of Oxycontin, received great fanfare in the media, with the company claiming that it will pay at least $10 billion “to address the opioid crisis.”
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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.
Read MoreFraudulent Transfers in Illinois
What is Illinois’ Uniform Fraudulent Transfer Act (“IUFTA”)? The IUFTA is a statute designed to combat fraudulent transfers by debtors that impair the rights of creditors.
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