A general assignment is a concept in bankruptcy law that has different meanings in different jurisdictions. The "assignment for the benefit of creditors", also known as an ABC is an excellent alternative to bankruptcy.
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- A general assignment is a concept in bankruptcy law that has different meanings in different jurisdictions. The "assignment for the benefit of creditors", also known as an ABC is an excellent alternative to bankruptcy. In the United states, a general assignment is simply a contract whereby the insolvent entity ("Assignor") transfers legal and equitable title, as well as custody and control of its property, to a third party ("Assignee") in trust, to apply the proceeds of sale to the assignor's creditors in accord with priorities established by law. In other common law countries, a general assignment refers to an assignment of all or substantially all the assets of a natural person either absolutely or by way of security; such general assignments are generally void or voidable when made by a natural person or a partnership (but not a company) unless mandatory registration requirements are adhered to.
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- A general assignment is a concept in bankruptcy law that has different meanings in different jurisdictions. The "assignment for the benefit of creditors", also known as an ABC is an excellent alternative to bankruptcy.
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