Richmond, VA -- (ReleaseWire) -- 06/24/2016 --Health Diagnostic Laboratory, Inc.'s liquidating trustee ("HDL") is bringing avoidance actions against HDL's vendors to recover payments made in the 90 days before it filed bankruptcy on June 7, 2015. This is common practice in a large liquidating bankruptcy case, as creditors and vendors are often sued by debtors to avoid preferential payments.
Ronald Page (http://rpagelaw.com) is a corporate bankruptcy attorney based in Richmond, Virginia available to represent creditors of HDL's bankruptcy.
On June 22, 2016, HDL filed adversary complaints seeking the recovery of funds against the following entities:
Angel.com, Incorporated
Agilent Technologies, Inc.
EClinicalWorks, LLC
Douglas Scientific, LLC
Data Innovations, LLC
BrightIdea.com
Adobe Systems Incorporated
Bureau of National Affairs Tax Software
TimeTrade Systems, Inc.
Lexicomp
SAS Institute, Inc.
Star2Star Communications, LLC
Blood Spot
Staples Advantage
Aerotek, Inc.
HandCraft
Beckman Coulter, Inc.
Dynex Technologies, Inc.
Entec Systems, Inc.
AKA Enterprises, Inc.
CareerBuilder.com
The Bankruptcy Code permits a debtor to recover from a creditor payments made in the 90 days before the bankruptcy filing where the payments gave the creditor more than other, similarly situated, creditors would get through the bankruptcy process. The preference statutes are an attempt to achieve equity between creditors. Nonetheless, creditors are almost always better off attempting to get payment of their claims from their debtors and dealing with any efforts to recover the money when, and if, such attempts are made in bankruptcy.
Defenses to the recovery of a preference are found in 11 U.S.C. 547(c). They include: contemporaneous exchanges; amounts of subsequent credit extended and unpaid; payments made in the ordinary course of the business of the debtor and the creditor on ordinary business terms; and security interests that secure debts that bring new value to the debtor.
These defenses need to be raised in an answer to a preference complaint. The burden of proof lies with the creditor to establish that despite the elements of a preference; the transfer is protected by one or more of these defenses.
About Ronald Page, PLC
With offices in Richmond, Virginia, Ronald Page, PLC has extensive experience representing secured and unsecured creditors in bankruptcy proceedings.
Please contact Ronald Page, a Richmond Virginia Bankruptcy Attorney (http://rpagelaw.com), if you need assistance protecting your interests in HDL's bankruptcy.