Speculative business expectancy not considered transferable

Commercial Litigation

By Paul B. Porvaznik

Paul B. Porvaznik is an attorney at Bielski Chapman, Ltd. and practices primarily in the areas of commercial litigation, landlord-tenant law, mechanic’s liens and post-judgment enforcement.

Posted May 21, 2020 9:38 AM

Updated May 21, 2020 12:34 PM

The recent 1st District Appellate Court case of Andersen Law LLC v. 3 Build Construction, LLC, 2019 IL App (1st) 181575-U, examines among other topics, what constitutes a transferable asset under Illinois’s Fraudulent Transfer Act, 740 ILCS 160/1, et seq., and the pleading requirements to successfully allege the continuation exception to the general rule of no successor liability.The plaintiffs’ IFTA claims were based on allegations that former members of the LLC debtors’ systematically raided company …

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