Sierra Steel, Inc. v. Totten Tubes, Inc. (In Re Sierra Steel, Inc.)

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that “GAAP are relevant,” but “not controlling in insolvency determinations”
• bankruptcy court’s decision that debtor’s initial schedules were sufficient evidence to rebut the presumption of insolvency was not clearly erroneous
• In order to prevail on a preference claim, the trustee must establish that the transfer was made while the debtor was insolvent
• court is to make determination of solvency, not accountants and board which promulgates GAAP
• “although GAAP are relevant, they are not controlling in insolvency determinations”
• “[A]lthough GAAP are relevant, they are not controlling in insolvency 25 determinations.”

Source: CourtListener parenthetical corpus (CC0).