Posts in Insolvency.
4 minute readJuly 24, 2025
At its recently concluded annual meeting, the Uniform Law Commission (ULC) voted final approval of the Uniform Assignment for Benefit of Creditors Act (“Act”).
Set forth below is a short discussion of “ABCs” as they currently exist, the ULC’s effort to bring uniformity to ABCs going forward and next steps to reform the law governing this common non-bankruptcy alternative for dealing with distressed companies.
ABCs
In the United States, there are several types of legal proceedings that can be invoked to address an insolvency situation. The most well-known procedure is ... Continue Reading