General Assignment For The Benefit Of Creditors

General Assignment For The Benefit Of Creditors-49
This can be through a private sale or a public auction. The Surrogate of the county examines and approves the final accounting of the assignee. The Assignee will liquidate those assets, whether in a bulk or turn-key sale, or through a piecemeal auction, in order to generate the maximum liquidation value for those assets. If the court approves the accounts, formal papers are filed to complete the case and creditors are given their dividends.The second role of the assignee is to represent all of the assignor’s creditors.

This can be through a private sale or a public auction. The Surrogate of the county examines and approves the final accounting of the assignee. The Assignee will liquidate those assets, whether in a bulk or turn-key sale, or through a piecemeal auction, in order to generate the maximum liquidation value for those assets. If the court approves the accounts, formal papers are filed to complete the case and creditors are given their dividends.

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He may compromise, settle and compound all claims, disputes and litigations of the assignor, refer the same to arbitration, agree with any person concerning the same, redeem all mortgages and conditional contracts, and generally act as and do whatsoever the assignor might have lawfully done in the premises." Second, the assignee also "represent[s] the assignor's entire creditor constituency." ...

He may sue for and recover in his own name everything belonging or appertaining to the estate.

In New Jersey assignments are governed by its Assignment for Benefit of Creditors Statute, N.

The assignee has a "dual capacity." First, he or she " 'stands in the shoes' of the assignor with general powers to act in his stead as his 'successor.' " ...

In other words, having been paid for goods sold or services performed, our client now faces the possibility of having its money earned taken away.

This post aims to explain why this is a possibility and the potential defenses to such an action.

The assignment is the document that establishes the transfer of property from assignor to assignee.

Pursuant to 2A:19-13, the assignee [M]ay sue for and recover in his own name everything belonging or appertaining to the estate.

There is no definition of “preference” in the assignment for the benefit of creditors statute.

One must look elsewhere for answers to this question.

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