Is Your Business Closing? Obtain Maximum Liquidation Value for Your Company’s Creditors Through an ABC

12/01/2013

We consulted with a business that was forced to ultimately close due to an inability to pay its debts when they came due. Numerous creditors filed lawsuits and obtained judgments against the company. The company retained us to assist with a liquidation of its assets, so that the value to the creditors could be maximized and so that creditors’ claims could be liquidated in one venue.

We recommended that the company proceed with an Assignment for the Benefit of Creditors, which is a procedure for the administration of insolvent businesses that ensures full reporting to creditors and equal distribution of assets according to priorities established under Florida law. The Assignment for the Benefit of Creditors was filed and allowed the business to wind down. A court-appointed Assignee sold the assets of the business to a third party, and a maximum value was derived for the benefit of the company’s creditors.

Share on FacebookShare on LinkedInTweet about this on TwitterShare on Google+

Leave a Comment


  Leiderman Shelomith
  Bankruptcy Attorneys

  2699 Stirling Road, Suite C401
  Fort Lauderdale, FL 33312
  Phone: 954-920-5355
  Fax: 954-920-5371

CONNECT WITH US

 
   

Attorney Advertising. © Copyright 2017 Leiderman Shelomith. All rights reserved. Please keep in mind that every case is different, so if you are thinking of filing bankruptcy,
and would like to schedule a no-cost consultation, please contact our office by completing the form on this website,
calling us at 954-920-5355, or e-mailing us at info@lslawfirm.net.