GlassRatner Services | Assignment for the Benefit of Creditors
The Assignment for the Benefit of Creditors (ABC) process can be a cost effective and time saving alternative to bankruptcy liquidation. GlassRatner is one of few firms in the Southeast with experience in this unique and creative solution that facilitates an organized liquidation of assets and equitable distribution of proceeds to the creditors.
Our typical ABC engagement begins with an assessment, in conjunction with debtor’s counsel, of whether the debtor’s estate is a suitable candidate for the ABC process. If an ABC is determined to be financially feasible and there are no other circumstances that would require the unique protections provided by bankruptcy law, GlassRatner will facilitate the preparation of asset and creditor schedules necessary to document the filing, coordinate creditor communications, and validate creditor claims.
GlassRatner gives careful consideration to the liquidation process with a focus on achieving the maximum recovery, controlling liquidation expenses and making a timely distribution to creditors. Asset liquidations and financial oversight are managed by our team of professionals with experience in all aspects of corporate and real estate liquidation.
While clearly not appropriate for all cases, the Assignment for the Benefit of Creditors can be the “perfect tool” that facilitates an orderly liquidation of a troubled company. The professionals at GlassRatner are uniquely suited to determine if this solution is a viable strategy and, if so, to effectively execute the procedure.
