Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
1) When did you pay the accountant?
2) How much did you pay the accountant?
The payment to the accountant can be viewed as a "preference", and can be avoided by the Bankrutpcy trustee if the debtor files a Bankruptcy less than 90 days after the payment was made and while the debtor was insolvent (total assets less than total debts). Bankrutptcy Stat. 547(b). (A payment made on March 18, 2011 would not be considered to be a preference if a Bankruptcy is filed after June 18, 2011.)
A preference can be "avoided" by the Bankruptcy trustee, which means the trustee can demand that the creditor - not the debtor - pay the preference amount to the Bankrutpcy court.
I think this is what you wanted to know. If not, please let me know.Thank you!
Yes - if your Bankruptcy is filed after June 18, the payment to the accountant will not be considered to be a preference.
If the payment is deemed to be a preference (if you file before June 18), the Bankruptcy trustee will demand that the accountant return the payment - to the Bankruptcy court. It is the trustee's job to do this.
No - according to the relevant statute, it is 90 days.
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