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Archive for the ‘business’ Category

Transfer on Death Deed

Here is an estate planning note that will help those who are using living trusts — consider using a transfer on death deed. Kudos to the Virginia General Assembly for recently enacting legislation allowing for the “transfer on death” deed. This legislation helps get rid of a pesky unintended consequence related to the ever-popular living [...]

 

Article 9 of UCC revisions effective July 1, 2013

Article 9 of the Uniform Commercial Code (the “UCC”) governs secured transactions between lenders and borrowers covering personal property which is pledged as collateral.  The provisions of Article 9 apply to borrowers who are either individuals or a business entity.  Putting third parties on notice of a security interest or perfection of a security interest [...]

 

The JOBS Act: Crowdfunding 1 – Introduction

Many small-to-medium sized businesses urgently need equity capital but, because of legal restrictions and the expense of raising private venture capital, these firms often give up on traditional methods of capital raising.  With great expectations, there was a change introduced in the new “Jumpstart Our Business Startups Act of 2012” (the “JOBS Act“) in April [...]

 

Preference Claims Defense Number 3

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 [...]

 

Legislature Slips in a Bitter Pill

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 [...]

 

Preference Claims Defense Number 2

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 [...]

 

Preference Claims Defense Number 1

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 [...]

 

Virginia CLE Seminar on Chapter 7 Bankruptcy

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 [...]

 

SCOTUS: Secured Creditors Cannot Be Denied the Right to Credit-Bid

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 [...]

 

Bankruptcy Preference Claim Can Be An Unwelcome Surprise

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