On March 26, the Supreme Court made a decision in “U.S. v. Miller” case which ultimately reverses a liquidating trustee’s power to claw back personal tax payments made to the Internal Revenue Service (IRS).
This decision came as a surprise to the bankruptcy sector, so Phoenix partner Alissa Castañeda talked to Bloomberg Law’s reporter Randi Love to help break down what the impacts will be based on the decision.
Alissa Castañeda focuses her practice on bankruptcy, creditors’ rights litigation and enforcement, commercial litigation, and healthcare litigation. She advises banks, lending institutions, and other creditors and corporate clients in chapter 11 bankruptcies. She also represents clients in commercial litigation matters in both state and federal court.
“Practically, today’s ruling means that the government (and only the government) can keep fraudulent transfers received between two to four years before bankruptcy,” states Alissa.
She also stated the decision won’t have many far-reaching implications.
Read the full article on Bloomberg Law.