Preference Actions Filed In NSC Wholesale Holdings In The Delaware Bankruptcy Court – Insolvency/Bankruptcy/Re-structuring – United States – Mondaq…

10 March 2021

Fisher Broyles

To print this article, all you need is to be registered or login on Mondaq.com.

Starting on October 14, 2020, NSC Wholesale Liquidating Trust("NSC Trust"), the liquidation trust appointed by the bythe United States Bankruptcy Court for the District of Delaware toprosecute claims on behalf of the NSC estate, filed approximately62 complaints seeking the avoidance and recovery of allegedlypreferential and/or fraudulent transfers under Sections 547, 548and and 550 of the Bankruptcy Code.

By way of background, on October 24, 2018, NSC WholesaleHoldings, LLC and various of its subsidiaries filed voluntarypetitions in the Delaware Bankruptcy Court. The Debtors continue tooperate their businesses and manage their properties asdebtors-in-possession. The NSC Trust was appointed toprosecute avoidance action claims on behalf of the estate.

According to the summons issued in these actions, a pre-trialconference has been scheduled for January 19, 2021 before theDelaware Bankruptcy Court.

For a primer on various defenses that can be raised in responseto a Section 547 demand, the following post is a recommended read:A Primer on Defenses toBankruptcy Preference Claims.

The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.

POPULAR ARTICLES ON: Insolvency/Bankruptcy/Re-structuring from United States

Link:

Preference Actions Filed In NSC Wholesale Holdings In The Delaware Bankruptcy Court - Insolvency/Bankruptcy/Re-structuring - United States - Mondaq...