B 26-0803: Uniform Assignment for Benefit of Creditors Act of 2026

Summary

Under the Uniform act, a financially distressed business, an assignor, may transfer control of its assets to an assignee, who acts as a fiduciary for the business’ creditors. The assignee may sell the business’ assets and distribute the proceeds to the business’ creditors. These proceeds go towards payment of the creditors’ claims against the assignor. The Act creates an alternative to other procedures available to the assignor for winding up its business, and provides benefits that are not available through a federal bankruptcy case or a receivership.

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Sep 16, 2026

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