Section 541 of the Bankruptcy Code
Unlike a bankruptcy trustee, who is precluded by Section 541 of the Bankruptcy Code (11 USC 541) from bringing any suit that the corporation could not have brought pre-petition, the trustee here is an impartial individual appointed by the court who derives his powers from the partnership agreement and state law.
A key element also considered in the analysis is whether the defendant has received a benefit from the conveyance.
In Knauer v. Jonathon Roberts Fin. Group, Inc. (348 F3d 230 [7th Cir 2003]), the court applied the in pari delicto defense against a receiver of two corporations.
The defendants in Knauer did not benefit from the underlying wrong and were being sued for a common-law tort claim. (Id. at 236.)