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Course/Product Description

Assignments For The Benefit Of Creditors - A Bankruptcy Alternative

Date / Time: Recorded
Format: Webinar

This webinar will give you an overview of the basics to general assignments for the benefit of creditors, a state law alternative for the liquidation of a distressed business.

While long available under state laws, this option has had little use outside of California, Illinois, Florida, and Massachusetts, bu now states such as Washington and Minnesota have enacted new statutory schemes addressing the use of ABCs (as receivership actions) - and other states are considering new statutory schemes as well.

By attending, you will gain a better understanding of the nature of general assignments and how to recognize when the use of an assignment may be advantageous versus the debtor turning to a liquidation under chapter 7 of the bankruptcy code.

The fiduciary nature and responsibilities of the assignee will be covered, as will the advantages and disadvantages to the process as compared to bankruptcy.


Basics of What Is an Assignment for the Benefit of Creditors

  • Nature of the Assignment Contract
  • Court Supervised vs. Statutory or Common Law Assignments
  • How Is the Assignee Chosen; Who Can Serve as the Assignee
  • Rights and Duties of the Assignee
  • Assets Transferred
  • Responsibility for Creditor Claims
  • Filing of Claims by Creditors (Bar Dates, Requirement to File Claim to Share in Distributions to Creditors)
Impact of Secured Claims on Assignment
  • Validating Secured Creditor Claims
  • Priority of Competing Security Interests Including That of the Assignee
  • Rights of Other Creditors Including Federal Government Claims and Trust Fund Claims
  • Priority of Creditor Claims (State and Local Taxes, Employee Wage Claims, Customer Deposits, Etc.)
Creditor Alternatives to the Assignment
  • Involuntary Bankruptcy
  • Abstention Under Bankruptcy Code Section 305
  • Mandatory Dismissal Under Bankruptcy Code Section 542
Other Creditor Remedies
  • Choice of Creditor Representatives Under Selected State Laws
Benefits and Advantages of Assignments to Bankruptcy
  • Flexibility of the Process (State Dependent)
  • Speed With Which the Assignee Can Liquidate Assets
  • Lack of Court Involvement (State Dependent)
  • Assignee Has the Rights of a Lien Creditor Under Uniform Commercial Code
Disadvantages of Assignments
  • No Court Supervision (State Dependent)
  • Creditors Have No Say in Choice of Assignee
  • Limited Recourse Against Assignee for Breach of Fiduciary Duty in Administering the Assignment Estate
  • Inability to Limit the Impact of Ipso Facto Clauses in Contracts (as Distinguished From Bankruptcy Where Those Clauses Are Void)
Recovery of Preferential Transfers Under State Law and Preemption Issues
  • State Law Recovery Statutes
  • Need to Show Intent to Prefer
  • Impact of Sherwood Partners v. Lycos Case and Case Law That Has Followed Limiting That Decision
About The Presenters

Geoffrey L. Berman
  • Senior vice president of Development Specialists, Inc.
  • Former president and chairman of the Board of the American Bankruptcy Institute and member of ABI's Board of Directors, Executive Committee and Management Committee (April 2010-2014)
  • Ex-officio member of the ABI Commission for the Study of Reform of Chapter 11 (report released in December 2014)
  • More than 35 years of experience in the administration of assignment estates around the country
  • Wrote numerous articles on general assignments, including the ABI publication "General Assignments for the Benefit of Creditors, the ABCs of ABCs,", co-wrote an article for the St. John's University Law School Law Review proposing a Model Statutory Scheme for general assignments (2009)
  • J.D. degree, Southwestern University School of Law, Los Angeles, California; B.A. degree, University of the Pacific, Stockton, California

Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
More Info: Contact Us For More Information
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