What is an Assignment for the Benefit of Creditors?

An assignment for the benefit of creditors (also known as an “ABC”) is a formal, voluntary transfer of a business and its assets to a private fiduciary—an Assignee—under the framework provided by Chapter 727 of the Florida Statutes. An Assignee is similar to trustee in a bankruptcy case, with fiduciary duties to all creditors of the assignment estate. In an assignment for the benefit of creditors case, the Assignee works to sell the business’s assets within his business judgment and wind down the businesses in an orderly fashion. In addition, the Assignee has the ability to pursue certain causes of action. After the business’s assets are liquidated, the assignee will pay the proceeds to the business’s creditors in accordance with their respective priorities after payment of the administrative costs.

Disclaimer

This website is created and maintained by the Assignee, solely in his capacity as the Assignee of Laser Spine Institute, LLC. The information contained on this website is provided for informational purposes only and should not be construed as legal, financial or other professional advice or, unless expressly stated, as the Assignee’s official position on any subject matter. Users of this site should not take or refrain from taking any action based upon content included in the site without seeking legal counsel on the particular facts and circumstances at issue from a licensed attorney.

The Assignee does not guarantee or warrant the accuracy, completeness, or currency of the information that is provided herein and shall not be liable to you for any loss or injury arising out of or caused in whose or in part by the acts, errors or omissions of the Assignee, whether negligent or otherwise, in procuring, compiling, collecting, interpreting, reporting, communicating or delivering the information contained on this website. The Assignee expressly does not undertake any obligation to update, modify, revise or re-categorize the information provided herein, or to notify you or any third party should the information be updated, modified, revised or re-categorized. In no event shall the Assignee be liable to you or any third party for any direct, indirect, incidental, consequential or special damages (including, but not limited to, damages arising from the disallowance of a potential claim against the Debtors, or damages to business reputation, lost business or lost profits), whether foreseeable or not and however caused, even if the Assignee is advised of the possibility of such damages. This website should not be relied on as a substitute for financial, legal or other professional advice.

It is your obligation to maintain accurate records and to notify the Assignee of any changes in your contact information. This website is being made available merely as a convenience to interested parties and the public. Electronic mail or other communications through this site or otherwise to the Assignee, his counsel, or professional advisors in connection with these or other matters will not be treated as privileged or confidential. Transmission and receipt of the information in this website and/or communication with the Assignee or his legal counsel via email is not intended to solicit or create, and does not create, an attorney-client relationship between the Assignee’s legal counsel and any person or entity. The Assignee does not endorse or warrant and is not responsible for any third-party content that may be accessed from this website.