N. Chesterfield, VA -- (ReleaseWire) -- 05/28/2020 --LeClairRyan PLLC's liquidating trustee ("LeClairRyan") has sued approximately 40 entities and individuals for the turnover of funds (complaints to recover amounts due to LeClairRyan) and preference actions (complaints that creditors received preferential payments) in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division, case no. 19-34574-KRH.
On September 3, 2019, LeClairRyan filed for bankruptcy relief under chapter 11. On September 12, 2019, the Office of the U.S. Trustee (the "UST") filed its motion to convert the chapter 11 bankruptcy of LeClairRyan to chapter 7. On September 26, 2019, it was decided that the bankruptcy case of LeClairRyan would be converted to liquidate under chapter 7 effective October 4, 2019. Lynn L. Tavenner of Tavenner & Beran, PLC was appointed the chapter 7 trustee.
Beginning on May 21, 2020 through May 26, 2020, LeClairRyan filed adversary complaints seeking to recover funds or avoid transfers against approximately 40 entities and individuals. It is anticipated that more complaints are to follow.
Lynn L. Tavenner is represented in the complaints by the law firms of Tavenner & Beran, PLC and Foley & Lardner LLP.
The Bankruptcy Code permits a liquidating trustee to recover preferential transfers made in the 90 days before the bankruptcy filing. Defenses need to be raised in an answer to a preference complaint. The burden of proof lies with the recipient of the transfer to establish that despite the elements of a preferential transfer, the transfer is protected by one or more defenses.
Ronald Page (http://rpagelaw.com) is a corporate bankruptcy attorney based in Richmond. With offices in Richmond, Virginia, Ronald Page, PLC has extensive experience representing defendants in bankruptcy preference and turnover actions. Please contact Ronald Page, a Richmond Virginia Bankruptcy Attorney (http://rpagelaw.com), if you need assistance protecting your interests in LeClairRyan's bankruptcy.
Ronald Page, PLC
PO Box 73087
N. Chesterfield, VA 23235