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An LLC membermanager is an ‘insider,’ so that payments are preferential transfers subject to avoidance up to one year prior to bankruptcy filing

  • Reed Smith LLP
  • -
  • USA
  • -
  • September 13 2010

A member of the Board of Managers of a limited liability company settled a lawsuit against the LLC, receiving partial payment four months prior to the LLC filing its petition for chapter 11 bankruptcy