In a prior post, we discussed the commencement of approximately 72 preference actions filed in the Quantum Foods bankruptcy proceeding by the Creditors Committee. In the preference actions at issue, the Creditors Committee seeks to avoid and recover purported preferential transfers under Sections 547 and 550 of the Bankruptcy Code, and purported fraudulent transfers under Section 548 of the Bankruptcy Code.
Since the filing of these adversary actions, the Court has scheduled a pretrial conference for December 9, 2014 at 2:00 p.m. The purpose of a pretrial conference, among other things, is to enter a scheduling order to govern relevant timelines of the litigation. It is therefore important for any preference defendant to fully review any proposed scheduling order in advance with counsel to determine whether such deadlines and provisions are consistent with scheduling orders commonly entered by the Delaware Bankruptcy Court.
For a link to a standard scheduling order that can be found on the Bankruptcy Court's website, click here. The Court has routinely expressed concerns over scheduling orders proposed by plaintiff's counsel that materially differ from the terms of the Court's standard scheduling orders.
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