MLchartDataset catalogue

Preference relative

Term · Law · MLC-T-LAW-003843

A close family member or insider of an insolvent debtor who receives a preferential transfer of assets shortly before the debtor files for bankruptcy. Transfers to relatives or insiders are subject to a longer look-back period for avoidance by a bankruptcy trustee, typically one year, compared to 90 days for other creditors. This extended period addresses the potential for self-dealing.

Table 1. Record
IdentifierMLC-T-LAW-003843
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-003843",
  "term": "Preference relative",
  "field": "Law",
  "definition": "A close family member or insider of an insolvent debtor who receives a preferential transfer of assets shortly before the debtor files for bankruptcy. Transfers to relatives or insiders are subject to a longer look-back period for avoidance by a bankruptcy trustee, typically one year, compared to 90 days for other creditors. This extended period addresses the potential for self-dealing.",
  "url": "https://mlchart.com/terminology/law/preference-relative/"
}

Record 3,873 of 5,445 in Law terminology (MLC-0107). Request the full dataset.