The loan of $600,000 from a bankrupt company to a contractor that did not repay the debt and was relieved of its obligation amounts to a fraudulent conveyance, the New Jersey Supreme Court ruled on Thursday.
In a unanimous ruling, the court overturned an Appellate Division decision that said the lender’s bankruptcy trustee could not demand repayment of the loan, even though the lender had relieved the recipients of their obligations.
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