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 general feeling was, and for a long time remained, that one had several children in order to keep just a few. As late as the seventeenth century . . . people could not allow themselves to become too attached to something that was regarded as a probable loss. This is the reason for certain remarks which shock our present-day sensibility, such as Montaigne’s observation, “I have lost two or three children in their infancy, not without regret, but without great sorrow.””
—Philippe Ariés (20th century)