In our last post we outlined the second of three common defenses to preference claims, the “subsequent new value” defense. Now let’s look at the third common defense, “contemporaneous exchange for new value”, in a bit more detail. Contemporaneous exchange for new value is very much like a COD transaction. For this defense, you give [...]

Retailers in Virginia who collect sales tax realized just a few weeks ago that, as of today, July 1, all sales tax submissions to the Virginia Department of Taxation would have to be online. Whoops. RichmondBizSense.com covered the news this morning and the leading organization for retailers, the Virginia Retail Merchants Association, identified the issue [...]

In our last post we outlined the “ordinary course payment” legal defense against a bankruptcy preference claim. Now let’s look at the “subsequent new value” defense in a bit more detail. Subsequent new value is in the nature of a set off, and is meant to encourage creditors to continue to deal with a company [...]

In our last post we outlined the legal defenses against a bankruptcy preference claim. Now let’s look at the “ordinary course payment” defense in a bit more detail. An ordinary course payment is, essentially, when there was nothing at all unusual or out of the ordinary pertaining to the payment at issue. For example, prior [...]

On June 14, 2012, Roy M. Terry, Jr. and I were pleased to be faculty for the Virginia CLE in a seminar entitled Chapter 7 Bankruptcy: What the Code and the Rules Won’t Tell You. The seminar, which was broadcast live via telephone and webcast, presented a practical view of the practice of Chapter 7 [...]

On May 29, 2012, the United States Supreme Court decided Radlax Gateway Hotel, LLC v. Amalgamated Bank, ruling that secured creditors cannot be denied the right to credit-bid on the sale of property or assets in the context of a Chapter 11 bankruptcy plan of reorganization. The Chapter 11 debtors were the owners of the [...]

One of the most difficult conversations a bankruptcy attorney can have with a client is to explain the concept of bankruptcy “preference claims”. 

Will the new Reg A “Lively Up” America’s Entrepreneurs? President Obama signed the JOBS Act into law last month. The Act is not named after the late entrepreneur, but had he lived to see its passage, I think Steve might have approved.

We are proud to announce the honor bestowed on one of our colleagues at Sands Anderson, Ann Neil Cosby. Virginia Lawyers Media, publishers of Virginia Lawyers Weekly and the Virginia Medical Law Report, has announced the Class of 2012 of “Influential Women of Virginia.” According to the website, “this awards program, now in its fourth [...]

The House of Representatives has passed The Cyber Information and Security Protection Act, sponsored by Rep. Mike Rogers (R-MI) and introduced not long after SOPA and PIPA were abandoned in the wake of a popular uprising of opposition.