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:
“‘A thing is called by a certain name because it instantiates a certain universal’ is obviously circular when particularized, but it looks imposing when left in this general form. And it looks imposing in this general form largely because of the inveterate philosophical habit of treating the shadows cast by words and sentences as if they were separately identifiable. Universals, like facts and propositions, are such shadows.”
—David Pears (b. 1921)