ABCs in Restructuring:

 The Uniform Assignment for Benefit of Creditors (ABC) Act seeks to modernize and standardize a debtor-initiated, state-law liquidation mechanism commonly known as a general assignment for the benefit of creditors (ABC). In an ABC, a financially distressed debtor (the “assignor”) voluntarily transfers all its assignable assets to an independent fiduciary (the “assignee”), who collects, liquidates, and, in appropriate circumstances, temporarily operates the business and distributes proceeds to creditors.