Among the alternatives available to distressed businesses, which can avoid the complexity and time delays associated with a bankruptcy filing, is an assignment for the benefit of creditors pursuant to Florida’s Assignment for the Benefit of Creditors (ABC) statute. The process is similar to a Chapter 7 bankruptcy liquidation, and involves a Florida Circuit Court filing. Under the ABC statute, a debtor’s assets are assigned to a liquidator, or the assignee, and the proceeds from the resulting asset sales are distributed to creditors. The attorneys of Linda Leali, P.A. can provide guidance on all the steps necessary to achieve an efficient use of the ABC process.