Assignments for the Benefits of Creditors ("ABCs")
What are the non-bankruptcy alternatives to Restructuring?
An Assignment for the Benefit of Creditors (“ABC”) is similar to a liquidation under Chapter 7 of the Bankruptcy Code, however, unlike a Chapter 7 where a trustee is randomly assigned, a corporation making an assignment is generally able to choose the assignee. Chapter 727 of the Florida Statutes governs the ABC process in Florida.
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