{"iri":"https://folio.openlegalstandard.org/RBzBDWMpZCOFGTjRpx1wKEH","label":"Assignment for the Benefit of Creditors","sub_class_of":["https://folio.openlegalstandard.org/R9HPXBgZpsNyy2AbQLv1rLG"],"parent_class_of":[],"is_defined_by":null,"see_also":[],"comment":null,"deprecated":false,"preferred_label":null,"alternative_labels":[],"translations":{},"hidden_label":null,"definition":"Assignment for the Benefit of Creditors (ABC) is a voluntary liquidation process where a debtor transfers all assets to an assignee, who sells the assets and distributes the proceeds to creditors. This non-judicial alternative to bankruptcy aims to maximize asset value and expedite creditor repayment. Some jurisdictions require court proceedings.","examples":[],"notes":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":null,"description":null,"source":null,"country":null}