Assignment for benefit of creditors

B With reference to a partnership, financial condition such that the sum of the partnership's debts are greater than the aggregate of, at a fair valuation, both of the following: i All of the partnership's property, exclusive of property of the kind specified in clause i subparagraph A. B If the assignor is a corporation, any of the following: i A director of the assignor. C If the assignor is a partnership, any of the following: i A general partner in the assignor. D An affiliate of the assignor or an insider of an affiliate as if the affiliate were the assignor.
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General assignment

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The ABCs of Assignments for the Benefit of Creditors (ABCs) |

Skip to content. Business Law. An assignment for the benefit of creditors ABC is a business liquidation device available to an insolvent debtor as an alternative to formal bankruptcy proceedings. In many instances, an ABC can be the most advantageous and graceful exit strategy.
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The clerk shall enter in the register in full every final order according to date; the docket shall contain a brief note of each day's proceedings under the respective title. No paper shall be removed from the files of the court except by order of the court. If in person, his or her address and telephone number, and if by attorney, the name, address and telephone number, shall be endorsed on every appearance filed by such attorney. The name of such person or attorney shall be entered in the docket. The clerk shall make an entry on the record of the original assignment to show the appointment of the substituted assignee, and the copy of the order of substitution shall be attached to the original assignment.
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In every case in which any person makes a voluntary assignment of his or her estate, real or personal, or of any part thereof to any other person in trust for his or her creditors or some of them, the assignee, within 30 days after the execution thereof, shall file in the office of the Register in Chancery of the county in which the real and personal estate of the assignor is situate, an inventory or schedule of the estate or effects so assigned, accompanied with an affidavit by such assignee, that the same is a full and complete inventory of all such estate and effects, so far as the same has come to his or her knowledge. The appraisers shall receive the same compensation as is now allowed by law to appraisers of the estate of a decedent. The bond shall be taken in the name of the State, and the condition thereof shall be as follows:.
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