A general assignment provides a means of liquidating the assets of a debtor in an orderly, controlled manner. While some may believe that a general assignment is a form of reorganization, in actuality a general assignment is a vehicle used for the sale or liquidation of a business; it is not used to financially rehabilitate or “turn the business around.” This third edition of General Assignments for the Benefit of Creditors: The ABCs of ABCs includes changes to state statutes in Florida and Minnesota, as well as recent cases involving arbitration clauses in contracts. It offers guidance to both debtor and creditor lawyers, as well as to creditor professionals facing the prospect of a state law liquidation, and includes 30 pages of sample forms and checklists.
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