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:
“In democratic ages men rarely sacrifice themselves for another, but they show a general compassion for all the human race. One never sees them inflict pointless suffering, and they are glad to relieve the sorrows of others when they can do so without much trouble to themselves. They are not disinterested, but they are gentle.”
—Alexis de Tocqueville (1805–1859)