ABC – State Form of Liquidation
Lawyers Assisting Companies in Financial Distress With An Assignment for the Benefit of Creditors
Walking you through the assignment process step by step
An Assignment for the Benefit of Creditors (“ABC”) is often the most efficient and cost-effective method for accomplishing the goals of a business that is in financial distress. The attorneys at Leiderman Shelomith Alexander + Somodevilla, PLLC have successfully assisted countless struggling companies with this state court procedure. When a business is overwhelmed with debt, it is important to work with a legal team that explores all of the company’s debt relief options. We take pride in fully explaining all debt relief options, so the company can proceed with confidence.
What is an Assignment for the Benefit of Creditors?
An ABC is a state-court procedure that involves the assignment of all of a company’s assets to a third-person, named the “assignee,” who liquidates the property and assets through a variety of methods. The proceeds from the liquidation of the assets are used to pay the company’s creditors. The company making the assignment is called the “assignor”. The ABC process has several similarities to a corporate bankruptcy proceeding, but rather than being governed by federal bankruptcy law, the ABC is governed by Florida law.
Contact experienced lawyers to discuss how an ABC could benefit your company
Assignments for the Benefit of Creditors law is a highly specialized area of law. The attorneys at Leiderman Shelomith Alexander + Somodevilla, PLLC have considerable experience representing assignors, assignees, creditors, shareholders, and purchasers of assets in ABC proceedings throughout the Southern District of Florida, including Broward, Miami-Dade, Highlands, Indian River, Martin, Monroe, Okeechobee, Palm Beach, and St. Lucie counties. Contact us at (954) 920-5355 or online to schedule your no-cost consultation.