The paper deals with voidable transfers under the US, Czech and Romanian Law. By using the American Law as a benchmark the paper focuses on the powers of the bankruptcy trustee under federal and state law, the functional importance of such powers and the policies supporting them. It then analyses in detail the respective provisions of the Czech and Romanian law referring both to the doctrine and the relevant case law. In the concluding part, the article identifies main similarities and differences between the three jurisdictions and the aspects which might be reconsidered based on the American model.