Is this a bankruptcy case?

No. An assignment for the benefit of creditors is a statutory procedure authorized and prescribed by Chapter 727 of the Florida Statutes. It allows a business to transfer all of its assets to a fiduciary who will then liquidate the assets and use the proceeds to pay the creditors in accordance with their claims and the statutory priorities. Unlike bankruptcy cases, which are subject to federal bankruptcy law, assignment for the benefit of creditors proceedings take place in state courts and are subject to state law.

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