RSP has extensive experience representing assignees and assignors for the benefit of creditors. An Assignment for the Benefit of Creditors (ABC) is a business sale or liquidation tool available to insolvent debtors as an alternative to formal bankruptcy proceedings. An ABC can serve as a useful and efficient means of accomplishing a liquidation or going concern sale of a troubled business unable to reorganize. It can be used to maximize a secured creditor’s recovery from the assets of a distressed debtor and/or to facilitate a buyer’s acquisition of a troubled business or assets from an entity burdened with unsecured debt.
We represent assignees, buyers, creditors, and other parties in connection with ABCs. Our attorneys seek to provide innovative, responsive and cost-effective legal solutions on behalf of our clients.