An Assignment for the Benefit of Creditors (ABC) is an alternative business liquidation procedure under state law and varies from state to state. Hays has managed several ABC cases as an Assignee.
The ABC liquidation procedure is an attractive option to consider in less complex situations. Under the procedure, the company assigns all assets to a fiduciary (the Assignee) and the Assignee liquidates and makes a distribution to creditors without court supervision. This liquidation procedure is less costly than a bankruptcy or receivership case.
Assignee services are provided by Hays Assignee Services I, LLC.