After a trial, the court found the debtor's payments on a promissory note were fraudulent and preferential transfers because the note's proceeds were used to purchase an asset held in the debtor's wife's name to put it beyond the reach of his creditors. The purchase of the asset (an interest in a limited liability company managed by the debtor) occurred outside the statute of limitations, so it was not avoidable. Under §§ 550 and 551, the trustee was entitled to recover the value of the note payments. In light of Stern v. Marshall constraints on a bankruptcy court's authority to enter final judgments, the court's findings of fact and proposed conclusions of law were sent to the district court for entry of judgment.