Assignment for the Benefit of Creditors

Assignment for the Benefit of Creditors - 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.

Class Information

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Identification

IRI: https://folio.openlegalstandard.org/RBzBDWMpZCOFGTjRpx1wKEH
Label (rdfs): Assignment for the Benefit of Creditors
Preferred Label: None
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Definition and Examples

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.
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Translations

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Class Relationships

Sub Class Of: Out-of-Court Restructuring
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Additional Information

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Deprecated: False

Metadata

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