In re Quebecor World (USA) Inc.

Second Circuit Rules That Payments Made To Purchase Notes Are Exempt from Avoidance Under Section 546(e) of the Bankruptcy Code

The United States Court of Appeals for the Second Circuit held, on June 10, 2013, that payments made by a company to purchase notes issued by an affiliate were transfers made in connection with a “securities contract,” and therefore, pursuant to Section 546(e) of the Bankruptcy Code, could not be avoided as preferential transfers. In re Quebecor World (USA) Inc., No. 12-4270-bk. Read More.