Occasionally, a trade creditor is faced with a proceeding called an Assignment for the Benefit of Creditors, or ABC for short: an insolvency proceeding governed by state law rather than federal bankruptcy law. Sometimes ABC matters are handled with court supervision; other times, they proceed outside of a court proceeding. In either case, mastery of the specific state rules and assistance of experienced counsel is essential. KMK attorneys assist our clients in formulating optimal strategies to navigate such proceedings, protecting claims that arose prior to the start of the assignment and assisting trade creditors in their interactions with financing creditors. Our attorneys’ depth of experience and the array of resources available to them (including our nationwide network of attorneys) provide you with the necessary knowledge and assistance you need to protect your interests in these unique situations. When you need help with assignments for the benefit of creditors, contact KMK to help you through it.
Bankruptcy/Insolvency Proceedings Sub-Practice Areas
Samuel C. Wisotzkey - Department Chair
Samuel M. Draver
Matthew P. Gerdisch
Eric R. von Helms
Darrell R. Zall