-
Categories
- ABC: Assignment for the Benefit of Creditors
- Bankruptcy and Student Loans
- Bankruptcy and the Means Test
- Bankruptcy Cases and Laws
- Bankruptcy Information
- Bankruptcy Mandatory Foreclosure Mediation
- Bankruptcy News
- Bankruptcy Planning
- Bankruptcy: Probate and Estate Planning
- Chapter 13
- exemptions
- florida homestead
- Foreclosure News
- Personal Announcements
- Student Loans
- Uncategorized
- Wills, Estate Planning, Probate
-
Recent Posts
Archives
Tag Archives: assignment benefit creditors
Assignment for the Benefit of Creditors
Assignment for the Benefit of Creditors is a state court procedure that has many benefits over a corporate chapter 7 bankruptcy.  A small business with no assets often does not need any court procedures and can just shut the doors.  A business with substantial assets may want to have a proper method of winding down the business.  If the company files a chapter 7, an independent bankruptcy  trustee will liquidate the assets.  The chapter 7 trustee will also thoroughly analyze possible transfers of assets to friendly creditors or to the owners of the business.  In an assignment for the benefit of creditors (ABC), the debtor company makes an agreement and selects the company who is going to liquidate the business assets.  The assets of the company are actually transferred to the liquidator. Additionally, the liquidator might need to pay for some time the principals of the debtor to assist…
Read More »