(“FGO”) filed their petitions on April 20, 2001, except Amcane International, Inc. The Amended Answer filed by SIS raises affirmative defenses including that transfers were contemporaneous exchanges for new value pursuant to 11 U.  The Affidavit further delineates invoice numbers and dates, dates of work performed, and dollar amounts for nondestructive testing services between January 22, 2001 and February 8, 2001, in the amount of , 797.50, as well as invoices for services between February 19, 2001 and April 12, 2001, in the amount of ,418.75. The transfer was outside of the 90 day period required to constitute an avoidable transfer under 11 U.
Each of the other Debtors, including Friede Goldman Offshore, Inc. § 547(c)(1), that transfers were made in the ordinary course of business according to ordinary business terms pursuant to § 547(c)(2), that transfers did not enable SIS to receive more than it would have received in a Chapter 7 proceeding, and that SIS provided new value to the Debtors that was not secured by an otherwise avoidable security interest and on account of which the Debtors did not make an otherwise unavoidable transfer to or for the benefit of SIS pursuant to 11 U. 5010489, 5010490, and 5010491 was February 12, 2001.
To establish the amount and applicability of this defense, it is not sufficient for the creditor to simply add up the value of the goods or services provided on a non-secured basis during the 90-day period and deduct that amount from the amount of money paid to the creditor during the 90-day period. Ordinary Course of Business Defense The “ordinary course of business” defense sounds fairly simple and straight forward but the manner in which it is applied by courts and trustees can be complicated and sometimes counter-intuitive. See also In re The Consolidated FGH Liquidating Trust, (S. Finally, even if the preferential transfers do not fall within the ordinary course of business between the parties, they may have been made according to the ordinary business terms in the industry. This inquiry is more objective, comparing the credit arrangements between other similarly situated debtors and creditors in the industry to see whether the payment practices at issue are “consistent” with the industry practice. Rather, “„ordinary business terms‟ refers to the range of terms that encompasses the practices in which firms similar in some general way to the creditor in question engage, and that only dealings so idiosyncratic as to fall outside that broad range should be deemed extraordinary and therefore outside the scope of subsection C.” In re Tolona Pizza Products Corp.
While the country has a diverse economy, it was hit particularly hard by the global financial crisis. #37) filed by the defendant in this adversary proceeding, Southern Inspection Services, Inc., and the opposition thereto filed by the Liquidating Trustee for The Consolidated FGH Liquidating Trust (Dkt. Having considered the matter, the Court concludes that the Motion should be granted in part and denied in part as set out below. OPINION EDWARD ELLINGTON, Bankruptcy Judge Before the Court is the Motion for Partial Summary Judgment (Dkt. The complaint alleges that FGO made preferential transfers to SIS in the sum of 1,461.50, and that the transfers are avoidable and recoverable pursuant to 11 U. It is also a major trading hub, with Amsterdam home to the world’s oldest stock exchange and strong current capital markets structures.An open and stable economy, the Netherlands is considered to be one of the best places to do business in the world, and subsequently it is an attractive market for many foreign companies looking to establish a presence within the EU.