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Assignments for the benefit of creditors: creditor considerations.(credit column)
One of the vehicles to liquidate a failed or no longer viable business is an assignment for the benefit of creditors ("ABC" or "Assignment"). This method of liquidating or transferring assets has the advantage of avoiding the unpredictability and expense of a Chapter 7 or a liquidating Chapter 11 of the Bankruptcy Code. It has long been popular in states such as Illinois and California and is regaining popularity in many other states in recent months.
An assignment is a transfer of the debtor's legal and equitable title to property to a trustee, with authority to liquidate the debtor's affairs and distribute proceeds equitably to creditors. In reality, an ...
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