Show navigation

Live Webinar

90-minute live streaming program
  • June 7
  • 1:00 - 2:30 pm EST

Also available as:

OnDemand Webinar
Audio & Reference Manual

Assignments for the Benefit of Creditors - A Bankruptcy Alternative

June 7

Recognize when the use of an assignment may be advantageous versus the debtor turning to a liquidation under chapter 7 of the bankruptcy code.

Receive an overview of the basics to general assignments for the benefit of creditors, a state law alternative for the liquidation of a distressed business that while long available under state laws, has had little use outside of states such as California, Illinois, Florida and Massachusetts. States such as Washington and Minnesota have enacted new statutory schemes addressing the use of ABCs (as receivership actions) and other states are considering new statutory schemes as well.

The fiduciary nature and responsibilities of the assignee will be covered, as will the advantages and disadvantages to the process as compared to bankruptcy. Gain a better understanding of the nature of general assignments and how to recognize when the use of an assignment may be advantageous versus the debtor turning to a liquidation under chapter 7 of the bankruptcy code.

Learning Objectives

- You will be able to review the basics of what is an assignment for the benefit of creditors.

- You will be able to discuss creditor alternatives to the assignment.

- You will be able to describe benefits and advantages of assignments to bankruptcy.

- You will be able to explain the recovery of preferential transfers under state law and preemption issues.

Register Now

Free Webinar Sponsored By

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Basics of What Is an Assignment for the Benefit of Creditors
  • Nature of the Assignment Contract
  • Court Supervised vs. Statutory or Common Law Assignments
  • How Is the Assignee Chosen? Who Can Serve as the Assignee?
  • Rights and Duties of the Assignee
  • Assets Transferred
  • Responsibility for Creditor Claims
  • Filing of Claims by Creditors (Bar Dates, Requirement to File Claim to Share in Distributions to Creditors)
Impact of Secured Claims on Assignment
  • Validating Secured Creditor Claims
  • Priority of Competing Security Interests Including That of the Assignee
  • Rights of Other Creditors Including Federal Government Claims and Trust Fund Claims Priority of Creditor Claims (State and Local Taxes, Employee Wage Claims, Customer Deposits, etc.)
Creditor Alternatives to the Assignment
  • Involuntary Bankruptcy
  • Abstention Under Bankruptcy Code Section 305
  • Mandatory Dismissal Under Bankruptcy Code Section 542
Other Creditor Remedies
  • Choice of Creditor Representatives Under Selected State Laws
Benefits and Advantages of Assignments to Bankruptcy
  • Flexibility of the Process (State Dependent)
  • Speed With Which the Assignee Can Liquidate Assets
  • Lack of Court Involvement (State Dependent)
  • Assignee Has the Rights of a Lien Creditor Under Uniform Commercial Code
  • Abritration Clauses Upheld When Enforced by Asignee
Disadvantages of Assignments
  • No Court Supervision (State Dependent)
  • Creditors Have No Say in Choice of Assignee
  • Limited Recourse Against Assignee for Breach of Fiduciary Duty in Administering the Assignment Estate
  • Inability to Limit the Impact of Ipso Facto Clauses in Contracts (as Distinguished From Bankruptcy Where Those Clauses Are Void)
Recovery of Preferential Transfers
  • State Law Recovery Statutes
  • Need to Show Intent to Prefer
  • Impact of Sherwood Partners v. Lycos Case and Case Law That Has Followed Limiting That Decision
Recent Case Decisions Impacting Assignees
Register Now

Free Webinar Sponsored By

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • This program may qualify for 2.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • GA CLE 1.5
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MS CLE 1.5
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.5 credit hours.
     
  • MT CLE 1.5
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.5 CLE credits.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • TN CLE 1.5
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.5 hours of credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.8 hours of continuing professional education.
     

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

This live webinar is designed for attorneys, presidents, vice presidents, branch managers, loan officers, loan department personnel, credit and collection managers, business owners and managers, directors, controllers and accountants.

Register Now

Free Webinar Sponsored By

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Geoffrey L. Berman

Geoffrey L. Berman

Development Specialists, Inc.

  • Senior Managing Director of Development Specialists, Inc.
  • Former president and chairman of the Board of the American Bankruptcy Institute and member of ABI's Board of Directors, Executive Committee and Management Committee (April 2010- 2014)
  • Ex-officio member of the ABI Commission for the Study of Reform of Chapter 11 (report released in December 2014)
  • More than 40 years of experience in the administration of assignment estates around the country
  • Author of ABCís Book on ABCís (General Assignments for the benefit of Creditors, The ABCís)
  • Wrote numerous articles on general assignments, including the ABI publication "General Assignments for the Benefit of Creditors, the ABCs of ABCs," 3rd edition, September 2015; co-wrote an article for the St. John's University Law School Law Review proposing a Model Statutory Scheme for general assignments, 2009
  • J.D. degree, Southwestern University School of Law, Los Angeles, California; B.A. degree, University of the Pacific, Stockton, California
Register Now

Free Webinar Sponsored By

More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 404002
Published 2016, 2018
Register Now

Register today before this event fills.

Can’t attend? Order an Audio & Reference Manual from this event.