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:
“There are two great rules in life, the one general and the other particular. The first is that every one can in the end get what he wants if he only tries. This is the general rule. The particular rule is that every individual is more or less of an exception to the general rule.”
—Samuel Butler (1835–1902)