ASSIGNMENT FOR THE BENEFIT OF CREDITORS (ABC)

Assignment for the Benefit of Creditors (ABC) is a common law tool that has been well established in our legal system as an alternative to businesses that find themselves facing financial distress and may be considering filing bankruptcy.
When Larry S. Hyman, CPA and Associates serves as Assignee in an ABC, our firm understands that we are working to preserve the value of the business and assets being administered while concluding the administration and closing the case in a timely manner.
In Florida, statutes 727.101-727.116 pertain to the administration of ABC’s.  An Assignment is a contracted way for the insolvent entity (Assignor) to transfer legal title and equity, as well as the control of their current property, to a third party, namely the "Assignee."  Upon the Assignment’s consummation, the Assignee works to take the proceeds of the sale of the property on behalf of the entity and work with the creditors in accordance with processes in place by law.
The professional staff at Larry S. Hyman, CPA and Associates knows that the Assignment for the Benefit of Creditors in Florida is a careful and highly-specialized process.  Our firm works to provide an analysis of the individual situation of the debtor in this procedure and will determine if this is the best course of action for the debtor to pursue. 
In order to provide the best solution and most comprehensive system of distribution of all tangible and intangible assets, Larry S. Hyman, CPA and Associates creates a liquidation plan that saves our clients both time and expense during the sale process.
Larry S. Hyman, CPA and Associates is the premier firm in Tampa Bay, Florida to speak with regarding an Assignment for the Benefit of Creditors.  We are able to determine if this solution will help a client avoid the negative consequences associated with Chapter 7 bankruptcy.