Receivership Assignment for Benefit of Creditors’

Overview

Our attorneys have represented creditors in Assignments for the Benefit of Creditors’ (“ABC”) and have advised businesses concerning the use of an ABC as a possible bankruptcy alternative.  An ABC is a business disposition (sale or liquidation) device available to insolvent companies as an alternative to formal bankruptcy proceedings.  Under certain circumstances, an ABC may serve as a useful and efficient means of accomplishing a wind-down and the liquidation or going concern sale of a business unable to reorganize.