Insights from Fox Rothschild's National Bankruptcy Practice
Summary
In a 17 page decision signed on February 24, 2011, Judge Walrath of the Delaware Bankruptcy Court applied a twelve factor test in determining if a preference action against…
Continue Reading Decision in NWL Holdings, Inc., Limits the Ability of Defendants to Transfer Preference Actions
In August, the Chapter 7 Trustee in the National Wholesale Liquidators (“NWL”) bankruptcy filing approximately 90 preference actions. Just recently, the Trustee filed over 100 more preference actions in NWL. …
Continue Reading Trustee Files More Avoidance Actions in NWL Holdings
Earlier this month Alfred T. Giuliano, the Chapter 7 Trustee for National Wholesale Liquidators, began filing various complaints seeking the avoidance and recovery of alleged preferential transfers. On November 19,…
Continue Reading Chapter 7 Trustee Files Preference Complaints in National Wholesale Liquidators Bankruptcy
Introduction
On November 10, 2008, National Wholesale Liquidators (“NWL” or the “Debtor”), filed a chapter 11 petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware (read the NWL bankruptcy petition here). According to the Declaration of NWL’s CFO, NWL began business as a merchandise close-out store 24 years ago. Since1984, NWL has grown to almost 2,000 employees working in stores and distribution centers in 10 states throughout the Northeast and Midatlantic.
