On november 5, hayes, inc., a small subcontractor, opened an account with basic corp., a carrier of construction materials. hayes promised to pay its bills within 30 days of purchase. although hayes purchased a substantial quantity of goods on credit from basic, it made few payments on the account until the following march, when it paid basic over $21,000. on march 14, hayes filed a voluntary petition under chapter 7.
why did hayes pay basic in march? does the bankruptcy trustee have a right to recover this payment? is it fair to hayes’ other creditors if basic is allowed to keep the $21,000? it is fair to hayes if hayes is forced to return $21,000?
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On november 5, hayes, inc., a small subcontractor, opened an account with basic corp., a carrier of...
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