General Assignment
A general assignment or assignment is a concept in bankruptcy law that has a similar meaning, due to common law ancestry, in different jurisdictions, but wide dispersion in practical application. The "assignment for the benefit of creditors", also known as an ABC or AFBC is an alternative to bankruptcy, which is a "general assignment"/"assignment" concept.
Read more about General Assignment: The United States, Other Common Law Countries
Famous quotes containing the word general:
“The following general definition of an animal: a system of different organic molecules that have combined with one another, under the impulsion of a sensation similar to an obtuse and muffled sense of touch given to them by the creator of matter as a whole, until each one of them has found the most suitable position for its shape and comfort.”
—Denis Diderot (1713–1784)