Mr. Cohen, (The Assignee) is responsible for the noticing of the Assignment to all creditors, setting a claims bar date for claims and liquidating the assets in an economically efficient manner. The Assignee may be able to shield the debtor's assets from judgment execution*, to liquidate the assets in a timely manner without court supervision and is not subject to bulk sales laws, thus being able to sell a business and/or its assets quickly providing a huge savings of both time and money** . In the event that trust fund taxes such as employee withholding or sales taxes are owed by the debtor, there is a far greater chance that theses taxes will get paid then in a Bankruptcy due to the efficient nature of General Assignments for the Benefit of Creditors. Banks and other secured creditors benefit from either agreeing to or recommending a General Assignment for the Benefit of Creditors in that the debtor is no longer in control of the assets but rather in the hands of an uninterested third party or fiduciary that specializes in liquidating companies. There is no lender liability as the Assignee operates entirely independent of creditors though the Assignee still works closely with the debtor, the bank and other financially interested parties by providing progress reports and bulletins.

Mr. Cohen handles the entire liquidation from start to finish and has the ability, if necessary, to continue to operate the business for a short period of time if it is economically justified. The Assignee also has the ability to retain the accounts receivable personnel and other indispensable employees of the debtor which aid in the collection of the remaining receivables and the sale of the assets. Sale of estate assets can be via public auction or private sale.

Alternative Bankruptcy Concepts, Inc., by and through its principal Robert L. Cohen, Esq. is the Assignee and has extensive knowledge of liquidation procedures, Bankruptcy and insolvency related matters, preferential transfers and trust fund taxes to complete an Assignment under the most seemingly difficult circumstances. Mr. Cohen has acted as the Assignee in several million dollar cases as well as very small cases. Call for your free consultation and case evaluation as to the proper insolvency vehicle that protects you, preserves operating assets or wraps up a declining business. Mr. Cohen looks forward to having the opportunity to assist you in the very near future.

Please call Mr. Cohen at (714) 522-8880 for your free consultation.