John M. August, Esq.Saiber LLC, Florham Park
Hon. Katherine Dupuis (Ret.)Lindabury, McCormick, Estabrook & Cooper PC, Westfield
Marc D. Miceli, Esq.SM Law, PC, Oldwick
Bankruptcy is often the first option considered by companies for a variety of needs, whether seeking to reorganize, to facilitate a sale of some or all assets, or to formulate an exit strategy. But this should not be the only consideration. There are other options, and the most advantageous option may be an Assignment for the Benefit of Creditors (ABC). ABCs have been and continue to be a popular business device for the orderly wind down of corporations, limited liability companies, and even nonprofit corporations and general partnerships. The ABC process can also facilitate a form of reorganization through a sale of assets. ABCs are typically more cost effective, making them a particularly attractive option for small businesses. It is time to learn about this valuable tool in the insolvency toolbox.
Are you ready to dive into the fundamentals of ABCs? The presentation will begin with an overview of insolvency law, which incorporates federal law (bankruptcy), state laws (ABCs, dissolution, bulk sales, and receiverships) and private arrangements such as workouts. After this overview to set the stage, panelists will help you take a deeper look at ABCs specifically, including the process, advantages, disadvantages, and best practices. Hear experienced practitioners and a State Court Judge discuss the particulars of ABCs and how to handle various situations that typically arise with distressed businesses today.
The pros and cons of choosing an ABC action instead of bankruptcy:
How to Choose an Assignee
The Assignment Process
Avoidance Actions – A discussion of the assignee’s ability recover fraudulent transfers and preferential payments by the assignor to the transferee within a certain period of time before the filing date of the ABC proceeding.
Warranties for Seminars and Publications
NJSBA and NJICLE products are created by attorneys, doctors, dignitaries and other legal experts who volunteer their efforts to serve as lecturers and authors. We do not warrant the accuracy, reliability or currentness of the information contained in our programs (both live and electronic), handbooks and publications.