Assignment For The Benefit Of Creditors

An Assignment for the Benefit of Creditors (“ABC”) exists under Florida law and is generally employed for the liquidation of an insolvent business. An ABC involves the assignment of all of a company’s assets to a third-party assignee, who is selected by the debtor.

In many ways an ABC is analogous to a Chapter 7 bankruptcy, however, unlike a Chapter 7, there is no automatic stay enjoining creditors from pursuing individual collection efforts and the assignee is not granted special authority to avoid and recover certain pre-assignment transfers.

If a debtor is a suitable candidate for an ABC, this can be an efficient technique to avoid some of the negative aspects of bankruptcy. The attorneys at FurrCohen can help an insolvent debtor develop a plan to maximize the return for creditors, while limiting the negative aspects of bankruptcy.

Robert Furr and Marc Barmat are experienced fiduciaries who are also available to serve as an assignee for an insolvent debtor.

Contact Us Regarding An ABC Today

For more information or guidance on matters related to an ABC, get in touch with us today.

Please contact our Boca Raton, Fl office to speak with our bankruptcy lawyers, call 561-395-0500 or contact us online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Our Team

Aaron A. WernickAaron A. Wernick
My restructuring and insolvency practice focuses on helping businesses, investors, and individuals maintain current assets and business structure while reducing existing debt load.

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Alvin S. GoldsteinAlvin S. Goldstein
Achieving success means caring about my clients, often providing financial advice to address their whole situation, not just the bankruptcy.

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Jason S. RigoliJason S. Rigoli
I utilize my understanding of business and knowledge of bankruptcy law to help clients thrive in the future.

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Marc P. BarmatMarc P. Barmat
I always keep in mind how to provide the best financial benefit to my clients, helping them to retain as many assets as possible and move forward with their lives or businesses.

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Alan R. CraneAlan R. Crane
Whether in bankruptcy or divorce, my goal is to help clients find creative solutions to complex problems so they can move forward from a very difficult time to a brighter more secure future.

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Robert C. FurrRobert C. Furr
The Bankruptcy code is complex and constantly evolving. I give clients the benefit of expertise and experience in utilizing the law successfully to protect their interests.

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Charles I. CohenCharles I. Cohen
I feel like I've accomplished something when I help people navigate a difficult stage and move forward with their lives.

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