Assignments for the Benefit of Creditors: Delaware

Finance and restructuring partners Patrick Jackson and Ian Bambrick co-authored a Q&A guide for Thomson Reuters Practical Law to approaching an assignment for the benefit of creditors (ABC) in Delaware.

The authors outline 26 questions and answers that address the process by which assignments are generally administered in Delaware, including:

• Commencing an ABC proceeding
• Selecting an assignee
• Duties and actions of the assignee
• Administration of the ABC
• Creditor claims
• Compensation of assignee and professionals
• Closing the ABC
• Jurisdiction and power of the court
• Bankruptcy considerations