Chapter 11 Preferential Transfer Avoidable under 547(b)

Posted by NCBRC - October 31, 2017

Three days before Diamond sought debt relief
The owner took steps on misguided belief
He transferred some money
To his marital honey
And claimed it was business in chief.

Though they argued the transfer was usual,
The court found their statements refutable.
In the absence of evidence;
The court was incredulous,
So their hope for relief was delusional.

In re Diamond Insulation Inc., No, 15-1448, Adv. Proc. No. 17-9015 (Bankr. N.D. Ia. Sept. 1, 2017)

Diamond Inc. Bankr ND Ia opinion Sept 2017

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