Assignee

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.

Select Assignee Appointments:

AppForge
Served as Assignee for this software company. The intellectual property was sold and all assets were liquidated.

ChangeOne
Served as Assignee for this software company. Currently, we are managing the wind-down and collecting the earn-out from the sale of their business.

IIS Liquidation Corp.
Served as Assignee for this dotcom formerly known as Net Certainty. Recovered the earn-out provisions of the contract, resolved claims and made a distribution to creditors.

Vision Gaming & Technology, Inc.
Appointed as the Assignee under an Assignment for the Benefit of Creditors for this manufacturer of gaming and slot machines. We are currently collecting on a promissory note from the Buyer of the assets of the Assignor and performing claims administration.

A white paper on the use of Assignments in Georgia by David Butler and Gregory Hays

Bankruptcy Plan Fiduciary