June 03, 2022, US Bankruptcy Court for the District of Utah – Steven R. Bailey, Chapter 7 trustee (“Trustee”) of the estate of Empire Solar Group, LLC (the “Debtor”) sues Electrious Inc., dba Clean.Tech (“Defendant” or “Electrious”) to clawback preferential transfers while seeking disallowance of Defendant’s claim.
The Trustee avers that the Debtor and Electrious entered into a Letter of Intent (“LOI”) under which Electrious allegedly advanced funds to or for the benefit of the Debtor. The Trustee seeks to avoid $935,938.00 which were paid by the Debtor to Electrious as repayments of unsecured loans that Electrious had made to the Debtor pursuant to the LOI.
The Trustee claims that these repayments were made within ninety (90) days of the filing of bankruptcy petition and was a transfer of interest of the Debtor in property. The Debtor was arguably insolvent at the time each of the repayments was made and the Trustee seeks to avoid, recover and preserve them under sections 547(b), 550 and 551 of the Bankruptcy Code.
Steven R. Bailey v. Electrious Inc. (In re Empire Solar Group, LLC), AP No. 22-2045, US bankruptcy Court for the District of Utah.
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Utah Trustee Files for $935k Clawback
By roland jones
rgj@rolandjones.com
Jones & Associates
Utah Trustee Files for $935k Clawback
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June 03, 2022, US Bankruptcy Court for the District of Utah – Steven R. Bailey, Chapter 7 trustee (“Trustee”) of the estate of Empire Solar Group, LLC (the “Debtor”) sues Electrious Inc., dba Clean.Tech (“Defendant” or “Electrious”) to clawback preferential transfers while seeking disallowance of Defendant’s claim.
The Trustee avers that the Debtor and Electrious entered into a Letter of Intent (“LOI”) under which Electrious allegedly advanced funds to or for the benefit of the Debtor. The Trustee seeks to avoid $935,938.00 which were paid by the Debtor to Electrious as repayments of unsecured loans that Electrious had made to the Debtor pursuant to the LOI.
The Trustee claims that these repayments were made within ninety (90) days of the filing of bankruptcy petition and was a transfer of interest of the Debtor in property. The Debtor was arguably insolvent at the time each of the repayments was made and the Trustee seeks to avoid, recover and preserve them under sections 547(b), 550 and 551 of the Bankruptcy Code.
Steven R. Bailey v. Electrious Inc. (In re Empire Solar Group, LLC), AP No. 22-2045, US bankruptcy Court for the District of Utah.
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