Assignments for the Benefit of Creditors
An insolvency alternative to liquidate and/or sell a business free and clear of debt
Assignments for the Benefit of Creditors
Assignments for the Benefit of Creditors (ABC) serve as a great strategy for companies to fulfill their fiduciary duty to creditors and other stakeholders through liquidation or, if appropriate, a sale of their business as a going concern, without the debt and financial baggage associated with the company. Since the laws on ABCs vary significantly by state, there are often misconceptions about the process. As a result, companies must choose an insolvency firm with extensive experience and a stellar reputation in this unique area of law.
WGH has decades of experience leveraging ABCs as an insolvency alternative and advising companies and assignees involving ABCs. ABCs are often the most flexible, efficient, and cost-effective solution to fulfill management’s fiduciary duties and accomplish a company’s goals, which is why WGH is one of the most ABC-experienced firms in California.
If your goal is to sell or liquidate with minimal publicity, an assignment is a great solution, and working with a specialized attorney is imperative. Our team is fully committed to helping you navigate the process of pursuing an assignment and appointing the right party.
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