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Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Litigation)
Disclaimer
The material in this webinar is for informational purposes only. It should not be considered
legal, financial or other professional advice. You should consult with an attorney or other
appropriate professional to determine what may be best for your individual needs. While
Financial Poise™ takes reasonable steps to ensure that information it publishes is accurate,
Financial Poise™ makes no guaranty in this regard.
5
Meet the Faculty
MODERATOR:
Max Stein - Boodell & Domanskis, LLC
PANELISTS:
Matthew Christensen - Angstman Johnson
Christopher Horvay - Sugar, Felsenthal, Grais & Helsinger LLP
Michael Pakter - Gould & Pakter Associates LLP
Steven Reingold - Saul Ewing Arnstein & Lehr, LLP
6
About This Series
Complex Financial Litigation
This webinar series focuses on the legal and financial realities that accompany unanticipated
adverse events, soured business relationships, and failing organizations. Whether you are a
general litigator, business owner, aspiring shareholder, or insurance claims analyst, this
webinar series will help you to understand and prioritize key concepts associated with
business breakups, shareholder disputes, claims for lost profits, and bankruptcy avoidance
actions.
Each Financial Poise Webinar is delivered in Plain English, understandable to investors, business owners, and
executives without much background in these areas, yet is of primary value to attorneys, accountants, and other
seasoned professionals. Each episode brings you into engaging, sometimes humorous, conversations designed to
entertain as it teaches. Each episode in the series is designed to be viewed independently of the other episodes so that
participants will enhance their knowledge of this area whether they attend one, some, or all episodes.
7
About This Webinar
Defending Against Bankruptcy Avoidance Actions
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to
recover money or property that was transferred by the debtor prior to going bankrupt. These
actions, whereby such transfers are effectively reversed, are referred to as “avoidance
actions.” In this webinar, the expert panel discusses the applicable provisions of the
Bankruptcy Code, common avoidance actions, and key considerations when planning for and
defending against these actions.
8
Episodes in this Series
#1: Common Issues and Strategies in Business Breakups
Premiere date: 2/24/21
#2: Nuts & Bolts of Lost Profit Cases
Premiere date: 3/24/21
#3: Resolving Shareholder Disputes
Premiere date: 4/21/21
#4: Defending Against Bankruptcy Avoidance Actions
Premiere date: 5/19/21
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Episode #4
Defending Against Bankruptcy Avoidance Actions
10
About This Webinar
Defending Against Bankruptcy Avoidance Actions
In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to
recover money or property that was transferred by the debtor prior to going bankrupt. These
actions, whereby such transfers are effectively reversed, are referred to as “avoidance
actions.” In this webinar, the expert panel discusses the applicable provisions of the
Bankruptcy Code, common avoidance actions, and key considerations when planning for and
defending against these actions.
11
Legal Context for Avoidance Actions
• A debtor or its duly-empowered successor (e.g., chapter 7 trustee, chapter 11 trustee,
liquidation trustee pursuant to a plan) is able to enlarge the estate with cash recovered
from certain recipients of transfers from the debtor by what are collectively called
“avoidance actions.”
• Avoidance actions are causes of action under the Code and the Code combined with state
law, by which the transfer is “avoided” and the property that had been transferred (usually
money) recovered by the debtor or trustee for the benefit of all creditors of the estate. The
defeated transferee usually gets an unsecured claim for the amount avoided and
recovered.
• Avoidance actions include actions to avoid and recover preferential transfers and actions
to recover fraudulent transfers.
12
Common Avoidance Actions
• Preferential Transfers
• Fraudulent Transfers
• Constructive Fraud Transfers
Preferential Transfers
• Under section 547 of the Code, the debtor or trustee may avoid and recover transfers of
debtor’s property made within the 90 days immediately preceding the bankruptcy case
(within one year before if transferee was an insider), where such transfers were made to
or for the benefit of a creditor, on account of antecedent debt, while the debtor was
insolvent, and which enabled the creditor to receive more than it would have in a chapter
7 liquidation of the debtor.
• These are the elements the debtor or trustee must prove to avoid the transfer. The Code
adds a presumption that the debtor was insolvent during the 90 day period. If transferee
rebuts the presumption and debtor or trustee cannot prove that debtor was insolvent at
the time of the transfer (or the transferee proves debtor’s solvency at that point), then the
transfer is not an avoidable preference.
• See 11 U.S.C § 547(b), (f), and (g).
14
Fraudulent Transfers
• Section 548 of the Code provides for debtor or trustee avoidance and recovery of
intentionally fraudulent transfers and constructively fraudulent transfers that were made by
the debtor within two years prior to the beginning of the bankruptcy case. To avoid an
intentionally fraudulent transfer, the debtor or trustee need not prove that the debtor was
insolvent at the time – though proving that would help.
Fraudulent Transfers
• To avoid a constructively fraudulent transfer, the debtor or trustee must prove that the
debtor did not receive “reasonably equivalent value” for the transfer, and that the transfer
either:
 was made while the debtor was insolvent or made the debtor insolvent, or
 left the debtor with unreasonably small capital, or
 was made with debtor’s intent or belief that it would incur debts beyond debtor’s
ability to pay them.
• Point: the debtor or trustee usually try to prove insolvency at the time of the transfer, but
there are other proof options.
• See 11 U.S.C. § 548(a).
Constructive Fraudulent Transfers
• A constructive fraudulent transfer includes a transfer of the debtor’s property:
 that was made by the debtor within 2 years before the date of the filing of the
petition,
 for which the debtor received less than a reasonably equivalent value, and
 the debtor was insolvent on the date that such transfer was made or became
insolvent as a result of such transfer.
 See 11 U.S.C. § 548(a)(1)(B).
• There is no presumption of insolvency applicable to constructive fraudulent transfer
causes of action.
Fraudulent Transfers – State Law Considerations
• Section 544(b) of the Code allows the debtor or trustee to “stand in the shoes” of a
creditor holding an allowable unsecured claim, and thus to sue transferees of property
from the debtor to avoid and recover such transfers as fraudulent transfers under state
law.
• Most states have adopted the Uniform Fraudulent Transfer Act. Its intentional fraudulent
transfer and constructive fraudulent transfer provisions do not differ in important ways
from section 548 of the Code for our purposes, except that the UFTA adds a presumption
of insolvency if the debtor is generally not paying its debts as they become due.
• In both sets of laws, the proof of the debtor’s insolvency at the time of the transfer can
be the linchpin of the avoidance action. Actions under state law usually benefit from a
“look-back” period exceeding the two-year period set in section 548 of the Code.
The Bankruptcy Code Defines “Insolvent”
• The Code defines “insolvent” as a “financial condition such that the sum of such entity’s
debts is greater than all of such entity’s property, at a fair valuation.”
• The Code defines “debt” by reference to its extremely expansive definition of “claim,” so
that, for measuring insolvency, debts include (among other things) contingent and
unliquidated claims against the debtor. “Property” of the debtor is anything that is
“property” under applicable state law.
• “Fair valuation” is not defined in the Code.
 See 11 U.S.C. § 101(5), (12), and (32).
• “‘Fair value’ is not defined by the U.S. Bankruptcy Code, but is often interpreted by U.S.
bankruptcy case law as ‘Fair Market Value’.“ (Association of Insolvency & Reorganization
Advisors, “Standards for Distressed Business Valuation,” p. 26.)
Avoidance / Insolvency Valuations
• Balance Sheet Test: A company is insolvent if its debts exceed its assets on a fair value
basis.
• Adequate Capital Test: A company is engaged in (or is about to engage in) a business or a
transaction for which it has unreasonably small capital
• Cash Flow Test: A company is incurring debts that would be beyond its ability to pay as
such debts matured
Balance Sheet Test
• The Balance Sheet Test determines whether a company’s asset value exceeds its
liabilities on a fair value basis as of some particular date. The balance sheet test is passed
if the sum of the fair value of a company’s assets exceeds its liabilities (including
contingent liabilities, etc.). With regard to the balance sheet test, the assets of a company
are to be valued on a fair value basis.
• “Fair Value” is not defined in the Bankruptcy Code.
• Determine the enterprise value (debt-free value) as a going concern as of the date is
determined.
• Subtract the value of the company’s liabilities (including contingent liabilities) from the
enterprise value.
• Balance sheet test is passed if the company’s enterprise value is greater than the sum of
the value of its liabilities.
Balance Sheet Test
• Factors considered in the analysis:
 Historical and projected financials
 Industry and business environment
 Selected company and transaction analysis
 Discounted cash flow analysis
 Capital structure and debt obligations
 Non-operating assets and identified contingent liabilities
• Frequently Used – easy to understand.
• If Company fails the balance sheet test, there may be no reason to conduct more
tests...depending on the evidence.
Adequate Capital and Cash Flow Tests
The Adequate Capital and Cash Flow tests are intended to analyze a company’s robustness
to the general economic uncertainty that all businesses face. That is, given its capital
structure, can a company survive if its actual performance is slightly below its projections, or if
it takes slightly longer to achieve certain assumed changes in the business?
Adequate Capital Test
• Determines if a business entity was engaged in a business or a transaction for which it had
unreasonably small capital.
• Intended to determine whether a company is likely to survive, assuming reasonable
business fluctuations in the future.
• Analyze the company’s robustness to the general economic uncertainty that all businesses
face.
• Ratio Analysis
• Often applies industry benchmarks
Cash Flow Test
• Analyze the company’s ability to generate free cash flow to meet obligations to the
creditors.
• Project capital required to operate the business and debt capacity and financial flexibility.
• Allows to evaluate the company’s capital adequacy and financial flexibility, which might
include cash from operations, additional borrowings, reduced capital expenditures, asset
sales, or a combination thereof.
Date of Insolvency
• A debtor or its duly-empowered successor (e.g., chapter 7 trustee, chapter 11 trustee,
liquidation trustee pursuant to a plan) is able to enlarge the estate with cash recovered
from certain recipients of transfers from the debtor by what are collectively called
“avoidance actions”
• Avoidance actions are causes of action under the Code and the Code combined with
state law, by which the transfer is “avoided” and the property that had been transferred
(usually money) recovered by the debtor or trustee for the benefit of all creditors of the
estate. The defeated transferee usually gets an unsecured claim for the amount avoided
and recovered
• Avoidance actions include actions to avoid and recover preferential transfers and actions
to recover fraudulent transfers
Why Date of Insolvency Matters
• The Bankruptcy Code defines “insolvency” as a “financial condition such that the sum of
such entity's debts is greater than all of such entity's property, at a fair valuation, ….
(Emphasis added.) 11 U.S.C. § 101(32)(A).
• This quasi-balance sheet test for insolvency necessitates a valuation of the debtor’s
property as of the relevant date.
• Premises of Value Used in Avoidance Actions:
 Liquidation Value: may be appropriate if it is more likely than not that the business
will fail within the reasonably foreseeable future.
 Going Concern Value: may be appropriate if the business is operating as a going
concern.
Key Cases Regarding Insolvency
• In re Xonics Photochemical, Inc., 841 F.2d 198 (7th Cir. 1988) (on valuing contingent liabilities at the
face amount multiplied by the probability that liability will become due)
• Statutory Comm. Of Unsecured Creditors v. Motorola, Inc. (In re Iridium Operating LLC), 373 B.R. 283
(Bankr. S.D.N.Y. 2007) (market data preferred, under facts of the case, to reconstituted projections)
• Ogle v. JT Miller, Inc. (In re HDD Rotary Sales, LLC), Adv. No. 13-03031 (Bankr. S.D. Tex. Oct. 15,
2013) (evaluating retrojection analysis of debtor’s insolvency at time of transfers)
• Whyte v. C/R Energy Coninvestment II, L.P. (In re SemCrude, L.P.), Adv. No. 10-51808 (Bankr. D.
Del. June 10, 2013)(valuation on a going concern basis, discussing in detail the Income Approach,
Market Approach, and Asset-Based Approach)
• Richardson v. Checker Acquisition Corp. (In re Checker Motors Corporation), 2013 WL 3279791
(Bankr. W.D. Mich. June 10, 2013)(holding that contingent multiemployer pension liability can be
considered in valuation of insolvency under UFTA but not under Code section 548)
About the Faculty
29
About The Faculty
Max Stein - mstein@boodlaw.com
Max Stein, a member of Boodell & Domanskis, LLC, is a business litigator focused on
meeting clients’ business objectives, helping them resolve disputes at the most opportune
times. Max represents clients as both plaintiffs and defendants in a wide variety of forums.
Additionally, Max notes that one advantage of practicing at a smaller firm, is that he is able to
offer his clients high-quality, nimble representation at reasonable rates. To aid his clients in
achieving their business objectives, Max approaches cases as though they will go to trial,
utilizing his extensive trial experience. Max also counsels his clients, helping to identify and
navigate legal risks to achieve their business goals and protect their competitive interests
while managing and, where possible, avoiding the expense and uncertainty of litigation.
30
About The Faculty
Matthew Christensen - mtc@angstman.com
Matt Christensen joined Angstman Johnson in 2008 as an associate attorney. Now a member of
the firm, Matt has a civil litigation practice involving commercial law (finance and secured
transactions), bankruptcy, real property, and business matters. He also has a transactional
practice involving real estate, finance and business matters, including franchising. Matt frequently
represents bankruptcy trustees and other fiduciaries in recovering assets and administering
estates. Prior to joining the firm, Matt was a Junior Partner at a Meridian, Idaho, law firm and also
established a solo practice. In addition to practicing law, Matt is an adjunct professor at the
University of Idaho College of Law where he teaches international trade/business, real estate
transactions and law practice management courses. Matt obtained his Bachelor of Arts in
International Studies from Brigham Young University in 2002. He earned his J.D. and LL.M in
International and Comparative Law degrees from Duke University School of Law in 2005. While
at Duke, he was an Articles Editor for the Duke Journal of Gender Law & Policy.
31
About The Faculty
Christopher Horvay - chorvay@sfgh.com
With more than 36 years experience, Christopher J. Horvay has represented senior creditors and asset-based
lenders in complex litigation, workout and bankruptcy matters across the country. His practice also involves the
representation of asset-based lenders in the documentation of complex loan transactions and in litigation
disputes as well as the representation of creditor committees and liquidation trustees in litigation relating to
fraudulent conveyances. Chris has consistently been recognized as an Illinois Super Lawyer since 2006, as well
as an Illinois Leading Lawyer for the last two years in commercial bankruptcies and workouts. Chris’s recent
creditor representations include senior secured lenders in Clark Retail Enterprises and United Airlines, significant
landlord interests in K-Mart Corporation, and as special counsel to plaintiffs in Price v. Phillip Morris. He also
served as debtor’s counsel in a number of significant business bankruptcy cases, including Ben Franklin Stores
in the Northern District of Illinois. Chris has represented numerous asset purchasers, including Newport News,
Inc. and Spiegel Catalog, Inc., and sellers in transactions involving troubled companies as well as assignees for
the benefit of creditors in out-of-court liquidations. He recently defended former directors and officers of troubled
companies in litigation brought against them by bankruptcy trustees.
To read more, go to: https://www.financialpoise.com/webinar-faculty/christopher-horvay/
32
About The Faculty
Michael D. Pakter - mpakter@litcpa.com
Mr. Pakter focuses on financial analysis, forensic accounting, economic damages, valuation issues and
investigations. He has experience in financial forensics, determining lost profits, business interruption
claims, earn-outs, analyzing financial transactions and balances, establishing fair value and
reconstructing incomplete, misstated and/or falsified financial information. Mr. Pakter provides consulting
and litigation support services to trial lawyers, trustees, examiners, receivers, business owners and
managers and units of federal, state and local government. He has experience with disputed financial
transactions in commercial litigation, conducting investigations, examining financial transactions and
balances, Court-ordered accounting and bankruptcy core proceedings. Mr. Pakter has more than 35
years of experience in accounting, financial analysis, financial forensics and investigations, including
more than 15 years of experience in economic damages and business valuations. He has participated in
public hearings and alternative dispute resolutions, submitted expert reports in several jurisdictions and
testified in arbitrations, regulatory proceedings and State, Federal and Bankruptcy Courts. Courts and
arbitral bodies have recognized him as an expert in accounting, business valuation, financial analysis,
economic damages and business economics.
To read more, go to; https://www.financialpoise.com/webinar-faculty/michael-pakter/
33
About The Faculty
Steven Reingold - Steven.Reingold@saul.com
Steven Reingold handles complex commercial litigation and bankruptcy litigation matters for
clients throughout the country. Steven’s experience includes participating as lead counsel or
co-counsel in disputes resolved through negotiation, mediation, arbitration and litigation.
Steven also counsels clients on avoiding and managing litigation risks connected to business.
34
Questions or Comments?
If you have any questions about this webinar that you did not get to ask during the live
premiere, or if you are watching this webinar On Demand, please do not hesitate to email us
at info@financialpoise.com with any questions or comments you may have. Please include
the name of the webinar in your email and we will do our best to provide a timely response.
IMPORTANT NOTE: The material in this presentation is for general educational purposes
only. It has been prepared primarily for attorneys and accountants for use in the pursuit of
their continuing legal education and continuing professional education.
35
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Litigation)
Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Litigation)
ABOUT DailyDAC
DailyDAC.com is the leading source of
information about assignments, article 9,
bankruptcy, receiverships, out-of-court
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Visit us at www.dailydac.com.
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DailyDAC LLC, d/b/a Financial Poise™ provides
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Defending Against Bankruptcy Avoidance Actions (Series: Complex Financial Litigation)

  • 1. 1
  • 2. 2 Practical and entertaining education for attorneys, accountants, business owners and executives, and investors.
  • 3. 3 Thank You To Our Sponsor
  • 5. Disclaimer The material in this webinar is for informational purposes only. It should not be considered legal, financial or other professional advice. You should consult with an attorney or other appropriate professional to determine what may be best for your individual needs. While Financial Poise™ takes reasonable steps to ensure that information it publishes is accurate, Financial Poise™ makes no guaranty in this regard. 5
  • 6. Meet the Faculty MODERATOR: Max Stein - Boodell & Domanskis, LLC PANELISTS: Matthew Christensen - Angstman Johnson Christopher Horvay - Sugar, Felsenthal, Grais & Helsinger LLP Michael Pakter - Gould & Pakter Associates LLP Steven Reingold - Saul Ewing Arnstein & Lehr, LLP 6
  • 7. About This Series Complex Financial Litigation This webinar series focuses on the legal and financial realities that accompany unanticipated adverse events, soured business relationships, and failing organizations. Whether you are a general litigator, business owner, aspiring shareholder, or insurance claims analyst, this webinar series will help you to understand and prioritize key concepts associated with business breakups, shareholder disputes, claims for lost profits, and bankruptcy avoidance actions. Each Financial Poise Webinar is delivered in Plain English, understandable to investors, business owners, and executives without much background in these areas, yet is of primary value to attorneys, accountants, and other seasoned professionals. Each episode brings you into engaging, sometimes humorous, conversations designed to entertain as it teaches. Each episode in the series is designed to be viewed independently of the other episodes so that participants will enhance their knowledge of this area whether they attend one, some, or all episodes. 7
  • 8. About This Webinar Defending Against Bankruptcy Avoidance Actions In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions. 8
  • 9. Episodes in this Series #1: Common Issues and Strategies in Business Breakups Premiere date: 2/24/21 #2: Nuts & Bolts of Lost Profit Cases Premiere date: 3/24/21 #3: Resolving Shareholder Disputes Premiere date: 4/21/21 #4: Defending Against Bankruptcy Avoidance Actions Premiere date: 5/19/21 9
  • 10. Episode #4 Defending Against Bankruptcy Avoidance Actions 10
  • 11. About This Webinar Defending Against Bankruptcy Avoidance Actions In the event of a bankruptcy, the debtor or trustee may opt to take legal action in order to recover money or property that was transferred by the debtor prior to going bankrupt. These actions, whereby such transfers are effectively reversed, are referred to as “avoidance actions.” In this webinar, the expert panel discusses the applicable provisions of the Bankruptcy Code, common avoidance actions, and key considerations when planning for and defending against these actions. 11
  • 12. Legal Context for Avoidance Actions • A debtor or its duly-empowered successor (e.g., chapter 7 trustee, chapter 11 trustee, liquidation trustee pursuant to a plan) is able to enlarge the estate with cash recovered from certain recipients of transfers from the debtor by what are collectively called “avoidance actions.” • Avoidance actions are causes of action under the Code and the Code combined with state law, by which the transfer is “avoided” and the property that had been transferred (usually money) recovered by the debtor or trustee for the benefit of all creditors of the estate. The defeated transferee usually gets an unsecured claim for the amount avoided and recovered. • Avoidance actions include actions to avoid and recover preferential transfers and actions to recover fraudulent transfers. 12
  • 13. Common Avoidance Actions • Preferential Transfers • Fraudulent Transfers • Constructive Fraud Transfers
  • 14. Preferential Transfers • Under section 547 of the Code, the debtor or trustee may avoid and recover transfers of debtor’s property made within the 90 days immediately preceding the bankruptcy case (within one year before if transferee was an insider), where such transfers were made to or for the benefit of a creditor, on account of antecedent debt, while the debtor was insolvent, and which enabled the creditor to receive more than it would have in a chapter 7 liquidation of the debtor. • These are the elements the debtor or trustee must prove to avoid the transfer. The Code adds a presumption that the debtor was insolvent during the 90 day period. If transferee rebuts the presumption and debtor or trustee cannot prove that debtor was insolvent at the time of the transfer (or the transferee proves debtor’s solvency at that point), then the transfer is not an avoidable preference. • See 11 U.S.C § 547(b), (f), and (g). 14
  • 15. Fraudulent Transfers • Section 548 of the Code provides for debtor or trustee avoidance and recovery of intentionally fraudulent transfers and constructively fraudulent transfers that were made by the debtor within two years prior to the beginning of the bankruptcy case. To avoid an intentionally fraudulent transfer, the debtor or trustee need not prove that the debtor was insolvent at the time – though proving that would help.
  • 16. Fraudulent Transfers • To avoid a constructively fraudulent transfer, the debtor or trustee must prove that the debtor did not receive “reasonably equivalent value” for the transfer, and that the transfer either:  was made while the debtor was insolvent or made the debtor insolvent, or  left the debtor with unreasonably small capital, or  was made with debtor’s intent or belief that it would incur debts beyond debtor’s ability to pay them. • Point: the debtor or trustee usually try to prove insolvency at the time of the transfer, but there are other proof options. • See 11 U.S.C. § 548(a).
  • 17. Constructive Fraudulent Transfers • A constructive fraudulent transfer includes a transfer of the debtor’s property:  that was made by the debtor within 2 years before the date of the filing of the petition,  for which the debtor received less than a reasonably equivalent value, and  the debtor was insolvent on the date that such transfer was made or became insolvent as a result of such transfer.  See 11 U.S.C. § 548(a)(1)(B). • There is no presumption of insolvency applicable to constructive fraudulent transfer causes of action.
  • 18. Fraudulent Transfers – State Law Considerations • Section 544(b) of the Code allows the debtor or trustee to “stand in the shoes” of a creditor holding an allowable unsecured claim, and thus to sue transferees of property from the debtor to avoid and recover such transfers as fraudulent transfers under state law. • Most states have adopted the Uniform Fraudulent Transfer Act. Its intentional fraudulent transfer and constructive fraudulent transfer provisions do not differ in important ways from section 548 of the Code for our purposes, except that the UFTA adds a presumption of insolvency if the debtor is generally not paying its debts as they become due. • In both sets of laws, the proof of the debtor’s insolvency at the time of the transfer can be the linchpin of the avoidance action. Actions under state law usually benefit from a “look-back” period exceeding the two-year period set in section 548 of the Code.
  • 19. The Bankruptcy Code Defines “Insolvent” • The Code defines “insolvent” as a “financial condition such that the sum of such entity’s debts is greater than all of such entity’s property, at a fair valuation.” • The Code defines “debt” by reference to its extremely expansive definition of “claim,” so that, for measuring insolvency, debts include (among other things) contingent and unliquidated claims against the debtor. “Property” of the debtor is anything that is “property” under applicable state law. • “Fair valuation” is not defined in the Code.  See 11 U.S.C. § 101(5), (12), and (32). • “‘Fair value’ is not defined by the U.S. Bankruptcy Code, but is often interpreted by U.S. bankruptcy case law as ‘Fair Market Value’.“ (Association of Insolvency & Reorganization Advisors, “Standards for Distressed Business Valuation,” p. 26.)
  • 20. Avoidance / Insolvency Valuations • Balance Sheet Test: A company is insolvent if its debts exceed its assets on a fair value basis. • Adequate Capital Test: A company is engaged in (or is about to engage in) a business or a transaction for which it has unreasonably small capital • Cash Flow Test: A company is incurring debts that would be beyond its ability to pay as such debts matured
  • 21. Balance Sheet Test • The Balance Sheet Test determines whether a company’s asset value exceeds its liabilities on a fair value basis as of some particular date. The balance sheet test is passed if the sum of the fair value of a company’s assets exceeds its liabilities (including contingent liabilities, etc.). With regard to the balance sheet test, the assets of a company are to be valued on a fair value basis. • “Fair Value” is not defined in the Bankruptcy Code. • Determine the enterprise value (debt-free value) as a going concern as of the date is determined. • Subtract the value of the company’s liabilities (including contingent liabilities) from the enterprise value. • Balance sheet test is passed if the company’s enterprise value is greater than the sum of the value of its liabilities.
  • 22. Balance Sheet Test • Factors considered in the analysis:  Historical and projected financials  Industry and business environment  Selected company and transaction analysis  Discounted cash flow analysis  Capital structure and debt obligations  Non-operating assets and identified contingent liabilities • Frequently Used – easy to understand. • If Company fails the balance sheet test, there may be no reason to conduct more tests...depending on the evidence.
  • 23. Adequate Capital and Cash Flow Tests The Adequate Capital and Cash Flow tests are intended to analyze a company’s robustness to the general economic uncertainty that all businesses face. That is, given its capital structure, can a company survive if its actual performance is slightly below its projections, or if it takes slightly longer to achieve certain assumed changes in the business?
  • 24. Adequate Capital Test • Determines if a business entity was engaged in a business or a transaction for which it had unreasonably small capital. • Intended to determine whether a company is likely to survive, assuming reasonable business fluctuations in the future. • Analyze the company’s robustness to the general economic uncertainty that all businesses face. • Ratio Analysis • Often applies industry benchmarks
  • 25. Cash Flow Test • Analyze the company’s ability to generate free cash flow to meet obligations to the creditors. • Project capital required to operate the business and debt capacity and financial flexibility. • Allows to evaluate the company’s capital adequacy and financial flexibility, which might include cash from operations, additional borrowings, reduced capital expenditures, asset sales, or a combination thereof.
  • 26. Date of Insolvency • A debtor or its duly-empowered successor (e.g., chapter 7 trustee, chapter 11 trustee, liquidation trustee pursuant to a plan) is able to enlarge the estate with cash recovered from certain recipients of transfers from the debtor by what are collectively called “avoidance actions” • Avoidance actions are causes of action under the Code and the Code combined with state law, by which the transfer is “avoided” and the property that had been transferred (usually money) recovered by the debtor or trustee for the benefit of all creditors of the estate. The defeated transferee usually gets an unsecured claim for the amount avoided and recovered • Avoidance actions include actions to avoid and recover preferential transfers and actions to recover fraudulent transfers
  • 27. Why Date of Insolvency Matters • The Bankruptcy Code defines “insolvency” as a “financial condition such that the sum of such entity's debts is greater than all of such entity's property, at a fair valuation, …. (Emphasis added.) 11 U.S.C. § 101(32)(A). • This quasi-balance sheet test for insolvency necessitates a valuation of the debtor’s property as of the relevant date. • Premises of Value Used in Avoidance Actions:  Liquidation Value: may be appropriate if it is more likely than not that the business will fail within the reasonably foreseeable future.  Going Concern Value: may be appropriate if the business is operating as a going concern.
  • 28. Key Cases Regarding Insolvency • In re Xonics Photochemical, Inc., 841 F.2d 198 (7th Cir. 1988) (on valuing contingent liabilities at the face amount multiplied by the probability that liability will become due) • Statutory Comm. Of Unsecured Creditors v. Motorola, Inc. (In re Iridium Operating LLC), 373 B.R. 283 (Bankr. S.D.N.Y. 2007) (market data preferred, under facts of the case, to reconstituted projections) • Ogle v. JT Miller, Inc. (In re HDD Rotary Sales, LLC), Adv. No. 13-03031 (Bankr. S.D. Tex. Oct. 15, 2013) (evaluating retrojection analysis of debtor’s insolvency at time of transfers) • Whyte v. C/R Energy Coninvestment II, L.P. (In re SemCrude, L.P.), Adv. No. 10-51808 (Bankr. D. Del. June 10, 2013)(valuation on a going concern basis, discussing in detail the Income Approach, Market Approach, and Asset-Based Approach) • Richardson v. Checker Acquisition Corp. (In re Checker Motors Corporation), 2013 WL 3279791 (Bankr. W.D. Mich. June 10, 2013)(holding that contingent multiemployer pension liability can be considered in valuation of insolvency under UFTA but not under Code section 548)
  • 30. About The Faculty Max Stein - mstein@boodlaw.com Max Stein, a member of Boodell & Domanskis, LLC, is a business litigator focused on meeting clients’ business objectives, helping them resolve disputes at the most opportune times. Max represents clients as both plaintiffs and defendants in a wide variety of forums. Additionally, Max notes that one advantage of practicing at a smaller firm, is that he is able to offer his clients high-quality, nimble representation at reasonable rates. To aid his clients in achieving their business objectives, Max approaches cases as though they will go to trial, utilizing his extensive trial experience. Max also counsels his clients, helping to identify and navigate legal risks to achieve their business goals and protect their competitive interests while managing and, where possible, avoiding the expense and uncertainty of litigation. 30
  • 31. About The Faculty Matthew Christensen - mtc@angstman.com Matt Christensen joined Angstman Johnson in 2008 as an associate attorney. Now a member of the firm, Matt has a civil litigation practice involving commercial law (finance and secured transactions), bankruptcy, real property, and business matters. He also has a transactional practice involving real estate, finance and business matters, including franchising. Matt frequently represents bankruptcy trustees and other fiduciaries in recovering assets and administering estates. Prior to joining the firm, Matt was a Junior Partner at a Meridian, Idaho, law firm and also established a solo practice. In addition to practicing law, Matt is an adjunct professor at the University of Idaho College of Law where he teaches international trade/business, real estate transactions and law practice management courses. Matt obtained his Bachelor of Arts in International Studies from Brigham Young University in 2002. He earned his J.D. and LL.M in International and Comparative Law degrees from Duke University School of Law in 2005. While at Duke, he was an Articles Editor for the Duke Journal of Gender Law & Policy. 31
  • 32. About The Faculty Christopher Horvay - chorvay@sfgh.com With more than 36 years experience, Christopher J. Horvay has represented senior creditors and asset-based lenders in complex litigation, workout and bankruptcy matters across the country. His practice also involves the representation of asset-based lenders in the documentation of complex loan transactions and in litigation disputes as well as the representation of creditor committees and liquidation trustees in litigation relating to fraudulent conveyances. Chris has consistently been recognized as an Illinois Super Lawyer since 2006, as well as an Illinois Leading Lawyer for the last two years in commercial bankruptcies and workouts. Chris’s recent creditor representations include senior secured lenders in Clark Retail Enterprises and United Airlines, significant landlord interests in K-Mart Corporation, and as special counsel to plaintiffs in Price v. Phillip Morris. He also served as debtor’s counsel in a number of significant business bankruptcy cases, including Ben Franklin Stores in the Northern District of Illinois. Chris has represented numerous asset purchasers, including Newport News, Inc. and Spiegel Catalog, Inc., and sellers in transactions involving troubled companies as well as assignees for the benefit of creditors in out-of-court liquidations. He recently defended former directors and officers of troubled companies in litigation brought against them by bankruptcy trustees. To read more, go to: https://www.financialpoise.com/webinar-faculty/christopher-horvay/ 32
  • 33. About The Faculty Michael D. Pakter - mpakter@litcpa.com Mr. Pakter focuses on financial analysis, forensic accounting, economic damages, valuation issues and investigations. He has experience in financial forensics, determining lost profits, business interruption claims, earn-outs, analyzing financial transactions and balances, establishing fair value and reconstructing incomplete, misstated and/or falsified financial information. Mr. Pakter provides consulting and litigation support services to trial lawyers, trustees, examiners, receivers, business owners and managers and units of federal, state and local government. He has experience with disputed financial transactions in commercial litigation, conducting investigations, examining financial transactions and balances, Court-ordered accounting and bankruptcy core proceedings. Mr. Pakter has more than 35 years of experience in accounting, financial analysis, financial forensics and investigations, including more than 15 years of experience in economic damages and business valuations. He has participated in public hearings and alternative dispute resolutions, submitted expert reports in several jurisdictions and testified in arbitrations, regulatory proceedings and State, Federal and Bankruptcy Courts. Courts and arbitral bodies have recognized him as an expert in accounting, business valuation, financial analysis, economic damages and business economics. To read more, go to; https://www.financialpoise.com/webinar-faculty/michael-pakter/ 33
  • 34. About The Faculty Steven Reingold - Steven.Reingold@saul.com Steven Reingold handles complex commercial litigation and bankruptcy litigation matters for clients throughout the country. Steven’s experience includes participating as lead counsel or co-counsel in disputes resolved through negotiation, mediation, arbitration and litigation. Steven also counsels clients on avoiding and managing litigation risks connected to business. 34
  • 35. Questions or Comments? If you have any questions about this webinar that you did not get to ask during the live premiere, or if you are watching this webinar On Demand, please do not hesitate to email us at info@financialpoise.com with any questions or comments you may have. Please include the name of the webinar in your email and we will do our best to provide a timely response. IMPORTANT NOTE: The material in this presentation is for general educational purposes only. It has been prepared primarily for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education. 35
  • 38. ABOUT DailyDAC DailyDAC.com is the leading source of information about assignments, article 9, bankruptcy, receiverships, out-of-court workouts and vulture investing, designed for business owners and vulture investors. Visit us at www.dailydac.com. Premium Public Notice Service DailyDAC’s Premium Public Notice Service helps market asset sales on behalf of fiduciaries (e.g., Chapter 11 debtors- in-possession and committees, trustees, receivers, assignees), secured lenders selling collateral under UCC Article 9, and auctioneers to a very large and self-selected group of potential bidders and their advisors. The Service also assists with noticing other events, deadlines, and milestones – including tombstones and other press releases. Our free weekly newsletter, DailyDAC contains our latest bankruptcy article, current Public Notices and all opportunistic deals added to our proprietary database that week. Sign up at: https://www.dailydac.com/dacyak-weekly-newsletter-signup/
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