A Northern District of Illinois bankruptcy judge recently rejected a creditor’s attempt to nix a debtor’s discharge for fraud. The creditor alleged the debtor tried to escape his creditors by shedding assets before his bankruptcy filing and by not disclosing estate assets in his papers. Finding for the debtor after a bench trial, the Court …
Author Archives: PaulP
Amending Pleadings In Illinois: The Four-Factored Test – A Case Note
Illinois follows a policy of expansively allowing amendments to pleadings so cases can be decided on their merits instead of technicalities. And while parties are generally given a lot of latitude to amend, the right to do so is not absolute. The Court still has broad discretion to permit or disallow a request to amend. …
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Property Subject to Turnover Order Where Buyer Is ‘Continuation’ of Twice-Removed Seller – Corporate Successor Liability in Illinois
Advocate Financial Group, LLC v. 5434 North Winthrop, 2015 IL App (2d) 150144 focuses on the “mere continuation” and fraud exceptions to the general rule of no successor liability – a successor corporation isn’t responsible for debts of predecessor – in a creditor’s efforts to collect a judgment from a business entity that is twice removed from the …